HONG KONG : TerraUSD, the world's fourth-largest stablecoin, lost a third of its value on Tuesday, spooking cryptocurrency investors and partly contributing to bitcoin's tumble below $30,000 for the first time in 10 months.
TerraUSD, a so-called algorithmic stablecoin that is currently the fourth-largest by market capitalisation, on Tuesday broke its 1:1 peg to the dollar and fell as low as $0.67, according to price site Coingecko. Unlike other stablecoins that have reserves in traditional assets, TerraUSD maintains its peg through an algorithm that moderates supply and demand in a complex process involving the use of another balancing token, Luna.
Source: Digital Coin News (digitalcoinnews.net)
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