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Cryptocurrency luna now almost worthless after controversial stablecoin it is linked to loses peg
Luna, the sister cryptocurrency of controversial stablecoin TerraUSD, has collapsed to nearly $0. TerraUSD, or UST, has been dragged into the spotlight in the last few days after the so-called stablecoin, which is supposed to be pegged one-to-one with the U.S. dollar, fell sharply below the $1 mark. UST is an algorithmic stablecoin which uses code to maintain its price at around $1 based on a complex system of minting and burning. A UST token is created by destroying some of the related cryptocurrency luna to maintain the dollar peg. Unlike rival stablecoins Tether and USD Coin, UST is not backed by any real-world ... (full story)
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From markets.businessinsider.com|May 12, 2022A broad crash across risk assets spread to cryptocurrencies this week, dragging down the net worth of industry titans as bitcoin and ethereum plummet and stablecoins spiral. FTX's ...
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From fitchratings.com|May 12, 2022The failure of the algorithmic peg mechanism fixing the price of Terra’s USD stablecoin (UST) and the umooring of Tether from its USD peg highlight the fragile nature of private ...
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- Posted: May 12, 2022 11:26am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 328
