Terra peg mechanism in doubt as UST crashes to 67 cents
Cointelegraph
Published May 09, 2022 09:52PM ET
Updated May 10, 2022 12:00AM ET
The third-largest stablecoin by market cap Terra 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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Written By: Cointelegraph
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