Terra peg mechanism in doubt as UST crashes to 67 cents By Cointelegraph
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Terra peg mechanism in doubt as UST crashes to 67 centsThe third-largest stablecoin by market cap USD (UST) appears to be in a catastrophic tailspin which has seen it de-peg from the dollar and drop to as low as $0.67 on May 10.
As its price has fallen, so has its market capitalization along with that of Terra (LUNA) which backs the majority of the value of UST. Adding further insult to injury, the market cap of UST has vastly surpassed that of LUNA, drawing extreme scrutiny from the crypto community.
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Terra peg mechanism in doubt as UST crashes to 67 centsThe third-largest stablecoin by market cap USD (UST) appears to be in a catastrophic tailspin which has seen it de-peg from the dollar and drop to as low as $0.67 on May 10.
As its price has fallen, so has its market capitalization along with that of Terra (LUNA) which backs the majority of the value of UST. Adding further insult to injury, the market cap of UST has vastly surpassed that of LUNA, drawing extreme scrutiny from the crypto community.
Continue Reading on Coin Telegraph
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