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UST 'Stablecoin', Meant to Maintain a $1 Peg, Crashes to $0.26
May 11, 2022 5:46 AM EDTTerraUSD (UST), a stablecoin that was allegedly pegged to $1, plummeted on Wednesday to just 26c, according to Coinbase data. USTs sister token Luna cratered as well over 95% to $3.6.
UST then recovered to trade around $0.45 at 05:46 EST.
Stablecoins are cryptocurrencies designed to provide a stable store of value to avoid the high volatility associated with big cryptocurrencies such as Bitcoin. The price of... More
