{"id":517937,"date":"2022-11-29T17:23:59","date_gmt":"2022-11-29T14:23:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/how-stable-are-stablecoins-in-the-ftx-crypto-market-contagion\/"},"modified":"2022-11-29T17:23:59","modified_gmt":"2022-11-29T14:23:59","slug":"how-stable-are-stablecoins-in-the-ftx-crypto-market-contagion","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/how-stable-are-stablecoins-in-the-ftx-crypto-market-contagion\/","title":{"rendered":"#How stable are stablecoins in the FTX crypto market contagion?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3f3c8400b6d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3f3c8400b6d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/how-stable-are-stablecoins-in-the-ftx-crypto-market-contagion\/#%E2%80%9CHow_stable_are_stablecoins_in_the_FTX_crypto_market_contagion%E2%80%9D\" >&#8220;How stable are stablecoins in the FTX crypto market contagion?&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/how-stable-are-stablecoins-in-the-ftx-crypto-market-contagion\/#Is_the_contagion_spreading\" >Is the contagion spreading?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/how-stable-are-stablecoins-in-the-ftx-crypto-market-contagion\/#A_darkening_outlook_for_algos\" >A darkening outlook for algos?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/how-stable-are-stablecoins-in-the-ftx-crypto-market-contagion\/#Looking_ahead\" >Looking ahead<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/how-stable-are-stablecoins-in-the-ftx-crypto-market-contagion\/#More_transparency\" >More transparency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/how-stable-are-stablecoins-in-the-ftx-crypto-market-contagion\/#A_sector_shake-out\" >A sector shake-out?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/how-stable-are-stablecoins-in-the-ftx-crypto-market-contagion\/#Boosting_investor_confidence\" >Boosting investor confidence<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CHow_stable_are_stablecoins_in_the_FTX_crypto_market_contagion%E2%80%9D\"><\/span>&#8220;How stable are stablecoins in the FTX crypto market contagion?&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p style=\"float:right;margin:0 0 10px 15px;width:240px\"><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNmNmNWNiNDMtZDA0ZC00ZDBkLWJlODAtMGM3ZDhlYzFkNDFhLmpwZw==.jpg\" class=\"type:primaryImage\"><\/p>\n<pre><code>                The collapse of crypto-exchange FTX hit the crypto world like a tropical storm. It bears asking once again: How stable are stablecoins?  \n                &lt;p&gt;If early November\u2019s FTX collapse was crypto\u2019s \u201cLehman moment\u201d \u2014 as more than a few pundits have suggested \u2014 will the FTX contagion now spread to stablecoins? After all, Tether (USDT), the market leader, briefly lost its United States dollar peg on Nov. 10. In normal times, this might have raised alarm bells.\n<\/code><\/pre>\n<p>But, these aren\u2019t normal times.<\/p>\n<p>In fact, in the days following FTX\u2019s Nov. 11 bankruptcy filing, stablecoin \u201cdominance,\u201d i.e., the sector\u2019s share of overall cryptocurrency market capitalization, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.adriendavernas.com\/papers\/stablecoins.pdf\">increased<\/a> to 18%, an all-time high. Bitcoin (BTC), Ether (ETH), and most altcoins <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared to be feeling the pain from crypto-exchange FTX\u2019s implosion, but not stablecoins.<\/p>\n<p>But, what awaits stablecoins in the longer term? Will they really emerge from the FTX fiasco unscathed, or is the sector due for a shake-out? Are stablecoins (still) too opaque, undercollateralized and unregulated for investors and regulators, as many insist?<\/p>\n<p>The collapse of the Bahamas-based crypto-exchange FTX hit the crypto world like a tropical storm, and so it bears asking once again: How stable are stablecoins? <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_the_contagion_spreading\"><\/span>Is the contagion spreading?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u201cThe cracks in the crypto eco-system are increasing, and it would not be surprising to see a significant de-pegging event\u201d in the future, Arvin Abraham, a United Kingdom-based partner at law firm McDermott Will and Emery, told Cointelegraph. Particularly at risk are those stablecoins that use other cryptocurrencies for their asset reserves, rather than fiat currencies like the euro or U.S. dollar, he said.<\/p>\n<p>\u201cThere is some evidence that FTX contagion did spread to stablecoins,\u201d Ryan Clements, assistant professor at the University of Calgary Faculty of Law, told Cointelegraph, citing the brief USDT de-pegging event. \u201cThis shows how interconnected the crypto market is to it.\u201d <\/p>\n<p>On Nov. 10, Tether fell to $0.97 on Bitstamp and several other exchanges and to $0.93 for a few moments on Kraken. Tron\u2019s USDD stablecoin also wobbled. Stablecoins are never supposed to fall below $1.00. <\/p>\n<p>For its part, Tether <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/tether.to\/en\/ftx-black-swans-and-tethers-continued-stability\/\">blamed<\/a> the depegging on crypto-exchange illiquidity. Relatively few crypto trading platforms are well capitalized, and sometimes \u201cthere is more demand for liquidity than exists on that exchange&#8217;s order books and has nothing to do with Tether&#8217;s ability to hold its peg nor the value or makeup of its reserves,\u201d said the company.<\/p>\n<p>\u201cTether is completely unexposed to Alameda Research or FTX,\u201d the firm added in its Nov. 9 blog post, further noting that its tokens are \u201c100% backed by our reserves, and the assets that are backing the reserves exceed the liabilities.\u201d <\/p>\n<p><strong><em>Recent:\u00a0Tokenized government bonds free up liquidity in traditional financial systems<\/em><\/strong><\/p>\n<p>\u201cThe one thing that has saved Tether so far is that people have <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly sold their Tether to others and most users have not actually cashed out,\u201d said Buvaneshwaran Venugopal, assistant professor in the department of finance at the University of Central Florida. \u201cTether had to pay about $700 million recently and was able to do so.\u201d <\/p>\n<p>That said, \u201cthe general lack of enthusiasm for crypto and the shrinking options for stablecoins may change this situation,\u201d Venugopal told Cointelegraph. Tether has about $65 billion in circulation, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/tether#:~:text=USDT%20Price%20Today&amp;text=It%20has%20a%20circulating%20supply,total%20supply%20of%2065.4%20Billion.\">according<\/a> to CoinGecko, and U.S. Treasury bills make up over 58% of its reserves. \u201cThis is a large holding which would be affected if Tether has to sell under a crunch, especially in an increasing interest rate environment.\u201d <\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_darkening_outlook_for_algos\"><\/span>A darkening outlook for algos?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>What about algorithmic stablecoins, sometimes called algos? When TerraUSD Classic (USTC), an algorithmic stablecoin, collapsed in May, some forecasted that algos as a sub-class were doomed. Does the FTX failure dampen algos\u2019 prospects?<\/p>\n<p>\u201cThey aren\u2019t dead, and there are still some prominent ones, including the DAI token which is essential for the functioning of MakerDAO,\u201d said Abraham. <\/p>\n<p>But, doubts remain, as algorithmic stablecoins are not easily understood and worries persist that \u201creserves can be adjusted on a dynamic basis potentially leading to manipulation and facilitating fraud,\u201d said Abraham. <\/p>\n<p>Uncollateralized, or substantially under-collateralized, stablecoins are inherently fragile, adds Clements. Terra\u2019s unsuccessful attempt in May to partially collateralize USTC with BTC in defense of its peg is another example of the fragility of an uncollateralized or under-collateralized stablecoin model, he told Cointelegraph, adding:<\/p>\n<blockquote><p>\u201cThe industry seems to be accepting this fact and moving away from uncollateralized algorithmic stablecoin models.\u201d<\/p><\/blockquote>\n<p>\u201cI think algorithmic stablecoins are going to be the sacrificial lamb within the stablecoin regulatory space,\u201d Rohan Grey, assistant professor at Willamette University College of Law, told Cointelegraph. \u201cThey\u2019re the ones whose heads will be on the chopping block\u201d in the U.S. to appease regulators and other nay-sayers. Algos might still survive on the global stage, though, he suggested.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Looking_ahead\"><\/span>Looking ahead<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It could become very difficult for crypto-backed (i.e., non-fiat) stablecoins to defend their pegs in the event of another major cryptocurrency drawdown, however. In Abraham\u2019s view, it would possibly lead \u201cto an implosion similar to what we saw with the collapse of the Terra stablecoin in the early days of this crypto winter,\u201d he said.\u00a0<\/p>\n<p>What about a collapse of the Tether and\/or Circle, the industry\u2019s leaders whose coins are mostly backed by U.S. dollars or related instruments like treasuries? Such an event would be \u201ca catastrophic event for the crypto industry,\u201d said Abraham, because \u201cso much of the industry hinges on using one or the other of these tokens as an inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te means of exchange.\u201d Many crypto transactions begin with a transfer of dollars into USDT or Circle\u2019s USD Coin (USDC) as a way to avoid \u201cthe exchange rate volatility of Bitcoin and other cryptocurrencies.\u201d<\/p>\n<p>\u201cTether is the really big one to watch right now because Tether is intrinsically connected to Binance,\u201d said Grey, who noted that Binance is now playing the role of industry savior, a part played until recently by Sam Bankman-Fried and FTX. Tether\u2019s and Binance\u2019s fortunes are tied together, some believe. <\/p>\n<p>Still, one has to be careful when making comparisons between the FTX collapse and the 2008 Lehman Brothers bankruptcy, which foreshadowed the Great Recession of 2008\u20132009. \u201cThere are obvious differences,\u201d said Grey, \u201cone being that at this point, the crypto ecosystem is still relatively segregated from the rest of finance.\u201d Any damage should be relatively contained in the overall scheme of things, i.e., \u201caverage people\u201d won\u2019t be hurt as happened in the U.S. financial crisis of 2007\u20132008. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"More_transparency\"><\/span>More transparency<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It seems as a given that more transparency, particularly with regard to reserves, will be required for stablecoin issuers post-FTX. \u201cThe value proposition of a stablecoin is \u2018stability,\u2019\u201d said Venugopal. \u201cTherefore, anything that a company uses to bring about stability must be well-understood by the users.\u201d<\/p>\n<p>Absent legislation, stablecoin issuers may need to take it upon themselves to disclose more about their reserves. Grey, for instance, applauded the step that Paxos took in July when it <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/paxos.com\/2022\/07\/08\/paxos-leads-digital-asset-industry-by-becoming-first-issuer-to-disclose-full-monthly-reserve-holdings-backing-usdp-and-busd-regulated-stablecoins\/\">announced<\/a> that it would provide monthly reserve statements that <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.investor.gov\/introduction-investing\/investing-basics\/glossary\/cusip-number\">included<\/a> CUSIP numbers \u2014 Wall Street\u2019s \u201cbar code\u201d for identifying securities \u2014 for all instruments backing its Paxos Dollar (USDP) and BinanceUSD (BUSD) stablecoins. Those coins are now backed exclusively by \u201ccash, overnight loans secured only by U.S. Treasuries, and U.S. Treasuries with a less than 90-day maturity,\u201d said Paxos.<\/p>\n<p>Stablecoins have long been criticized for being under-collateralized, and this issue arose again with the Terra debacle in May. Has the stablecoin sector made any progress in this area over the past half year in this regard?<\/p>\n<p>\u201cYes, uncollateralized and under-collateralized algorithmic stablecoins are far less popular post-Terra, and there is broader acceptance of the fragility of these stablecoin forms,\u201d Clements told Cointelegraph. \u201cYou can see evidence of this in the soon to be launched Cardano DJED project, which will use an over-collateralized reserve model, and the abandonment of the undercollateralized NEAR algorithmic stablecoin project last month.\u201d <\/p>\n<p>Collateral, of course, remains a challenge for the traditional finance sector, too, even for commercial banks. It basically means the company, in this case, the stablecoin issuer, \u201chas to forgo lucrative opportunities elsewhere and keep the collateral for a rainy day,\u201d noted Venugopal. \u201cEven the highly regulated banks hate capital adequacy and other liquidity requirements imposed on them and find ways to minimize the amount of money left idle or return less income.\u201d <\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_sector_shake-out\"><\/span>A sector shake-out?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Many predict a consolidation in the crypto sector generally post-FTX as weaker coins are winnowed out, much as happened in 2018 as the initial coin offering mania waned. Might something similar happen in the stablecoin world? In September, even before FTX\u2019s fall, an academic paper from researchers at the University of Chicago and Stockholm Schol of Economics <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.adriendavernas.com\/papers\/stablecoins.pdf\">noted<\/a> that partially collateralized stablecoin platforms are always vulnerable to large demand shocks, suggesting some winnowing out might be expected.\u00a0<\/p>\n<p>This seems a reasonable outcome, suggested Abraham, especially since the European Union\u2019s Markets in Cryptoassets Regulation (MiCA) and other legislation will impose high compliance costs on stablecoin issuers. Requirements like auditable reserves \u201cwill make it much harder to issue stablecoins and should significantly limit the potential for collapse.\u201d<\/p>\n<p>\u201cWhen disclosure becomes mandatory, we are going to see fewer stablecoins,\u201d Venugopal told Cointelegraph. \u201cIn general, I don\u2019t think the world needs thousands of cryptocurrencies\/tokens out there acting like securities or assets, especially when they are just speculative. We may need utility tokens but not security tokens.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Boosting_investor_confidence\"><\/span>Boosting investor confidence<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Given the risks, are there steps that coin issuers and\/or regulators can take to avoid another industry calamity? \u201cStablecoins will definitely need to be more transparent with their reserves,\u201d according to Abraham. This is already being prescribed in new legislation. He added:<\/p>\n<blockquote><p>\u201cBoth the EU\u2019s new MiCA and the draft Responsible Finance and Innovation Act in the U.S. impose reserve requirements on stablecoin issuers.\u201d<\/p><\/blockquote>\n<p>In the case of MiCA, an audit of stablecoin reserves will be required every six months.<\/p>\n<p><strong><em>Recent:\u00a0The metaverse is a new frontier for earning passive income<\/em><\/strong><\/p>\n<p>Venugopal also agreed that if stablecoins want to become a viable medium of exchange and store of value for the decentralized finance world, they need to be more transparent and make their assets auditable, adding:<\/p>\n<blockquote><p>\u201cTether has been long accused of lying about its cash reserves which are crucial to its U.S. dollar peg. The fact that Tether has been delaying its audit does not help.\u201d<\/p><\/blockquote>\n<p>Market perception of reserve instability, or insufficiency, can catalyze investor selloffs which impact a stablecoin\u2019s peg, added Clements. \u201cAs a result, more transparency is needed in this area to increase investor confidence and stability, and to this end regulation could help the stablecoin market by requiring proof of reserves, audits, custodial controls on collateral, and other safeguards to ensure collateral transparency and sufficiency.\u201d<\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/how-stable-are-stablecoins-in-the-ftx-crypto-market-contagion\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;How stable are stablecoins in the FTX crypto market contagion?&#8221; The collapse of crypto-exchange FTX hit the crypto world like a tropical storm. It bears asking once again: How stable are stablecoins? &lt;p&gt;If early November\u2019s FTX collapse was crypto\u2019s \u201cLehman moment\u201d \u2014 as more than a few pundits have suggested \u2014 will the FTX contagion&#8230;<\/p>\n","protected":false},"author":1,"featured_media":517938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy82MjU5ZDA4MmU4M2QyMDQ5MWY0MzA3NWMzOGQ5NzBlYS5wbmc=.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-517937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/517937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=517937"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/517937\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/517938"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=517937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=517937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=517937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}