The ‘chaos’ check of UST and what lies ahead for its LUNA-tic cost

Lowe's Waves Terra Usd

10.05.2022 - 16:17

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ambcrypto.com:

Stablecoins rose to fame following the trust factor; the value of stablecoins is based on people’s trust in the company holding the collateralized reserve asset. But, that trust may waver on occasion.

The third-largest stablecoin by market cap Terra USD (UST) appears to be in chaos as it continues to lose value against the U.S. dollar. In fact, stablecoin, TerraUSD, or UST dropped to as low as $0.67 (-7%) following a wave of speculations and censure within the crypto community.

Source: CoinMarketCap

To make things worse, the said freefall caused massive liquidations on leveraged positions. Thereby, dropping its market cap to $12.3 billion according to CoinGecko data.

<p lang=«en» dir=«ltr» xml:lang=«en»>Liquidated long on LUNAUSDT: Sell 225,537,000 @ 35.302 Read more on ambcrypto.com

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About this in other media

Analysts assess the aftermath of the Terra (LUNA) collapse | Cointelegraph interview cointelegraph.com /2 years ago

Vitalik: Terra should protect the smallholders, not the whales cointelegraph.com /2 years ago

Major validator calls for ‘completely new chain’ to replace Terra cointelegraph.com /2 years ago

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