The shadow of Terraform Labs' 2022 collapse is back to shake the financial markets with a $4 billion lawsuit. Terraform's bankruptcy administrator has sued Jump Crypto, alleging that the company artificially backed TerraUSD's peg (UST) through confidential agreements.
The dispute is not just about the past: it is a decisive test of trust in dollar-pegged tokens, just as they are becoming global payment infrastructures.
The Secret Role of Market Makers
According to the indictment, Jump benefited from favourable terms on Luna in exchange for covert interventions to maintain the UST parity at $1. Although Jump denies any wrongdoing, the case raises a crucial question: does the stability of a currency depend on reserves or on the invisible manoeuvres of big market players?
This uncertainty emerges at a time of unprecedented expansion. Visa has already extended regulations in USDC for US banks, while SoFi has launched its own token for remittances and payments.
A 300 billion market between records and risks
The numbers describe a systemic industry. DefiLlama estimates global stablecoin supply at around USD 309 billion, with USDT dominating 60 per cent of the market.
TRM Labs reports transactional volumes in excess of USD4 trillion, a sign that these coins are already the 'engine' of international settlement. However, confidence remains fragile: S&P Global recently downgraded Tether to a 'weak' (5) rating, citing opacity in reserves and excessive exposure to risky assets such as gold and Bitcoin.
The Regulatory Turn: the GENIUS Act
The legal environment changed dramatically on 18 July 2025, when President Donald Trump signed the GENIUS Act. This law introduces the first federal framework for 'payment stablecoins' in the United States, imposing 1:1 reserves and strict audits.
Also in the UK, the Bank of England is tightening the screws to prevent systemic risks, while China maintains a hard line, restricting access to cross-border channels.
Forecasts and impact on users
Despite the legal turmoil, growth prospects remain huge. Treasury Secretary Scott Bessent predicted that the stablecoin market could grow tenfold, reaching $3 trillion by the end of the decade.
For ordinary users, the outcome of the lawsuit against Jump will define whether future 'digital coins' will be transparent or continue to rely on hidden incentives. Increased vigilance could mean higher compliance costs and stricter KYC controls, but also real protection against new systemic collapses.
