Over the weekend, algorithmic stablecoin TerraUSD broke its peg. It broke it again on Monday, and has yet to recover. Regulators may have to take a closer look at this particular model of stablecoin.
For new readers of this newsletter, or for those who don’t normally follow stablecoins that in-depth, the idea is you have a cryptocurrency whose value is stable relative to another asset, such as the dollar, which you can then use as an intermediate unit of exchange or to buy goods and services using crypto without having to worry about market volatility.
Algorithmic stablecoins are different. Rather than being backed 1:1 by dollars, the idea is you have two tokens, the stablecoin itself and a sister token that is issued or burned as needed to maintain the stablecoin’s price. during a Senate Banking Committee hearing as a representative of the Financial Stability Oversight Council .
nikhileshde The role of Tether has not changed, it's still great
nikhileshde Who is behind CoinDesk? 🤔🤔
nikhileshde Wypieprzyć w góre:)
nikhileshde Well written update nikhileshde. That said our congressional leaders such as SenLummis and Senator Tom Emmers have been hard at work on this.
nikhileshde Yes, authorities would like to regulate it definitely.
nikhileshde You buy crap you get crap...
nikhileshde shib
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UST stablecoin falls to record low amid continued market tumultThe price of algorithmic stablecoin UST fell to a new low on Monday amid continued volatility in the broader cryptocurrency market.
Source: TheBlock__ - 🏆 464. / 53 Read more »
Terra peg mechanism in doubt as UST crashes to 67 centsThe Terra USD stablecoin is having an existential crisis as it has lost its peg and crashed to $0.67, while its backing coin LUNA has also lost more than half of its value in a matter of days, making the community question how well the stablecoin is truly backed. oh god this is a fucking disaster It went as low as $0.60 cents Not very stable. I trust USDT.
Source: Cointelegraph - 🏆 562. / 51 Read more »
Terra (LUNA) Collapses 60% as UST “Stablecoin” Drops Below $0.7$LUNA has crashed by more than 60% within 24 hours The first lunareclipse of 2022 will take place on May 15 and 16, depending on your time zone. $LUNA Bloodmoon will peak May 16 at 12:11 a.m. EDT (0411 GMT).
Source: Utoday_en - 🏆 295. / 63 Read more »
Binance suspends LUNA and UST withdrawals amid market turbulenceCrypto exchange Binance has suspended withdrawals of LUNA and UST tokens with the Terra-based stablecoin struggles to recover its peg to the US dollar. Lol cryptos circuit breaker. Same as legacy markets when stock prices get volatile It’s back on again-this happens few hours ago… don’t sell dead news
Source: TheBlock__ - 🏆 464. / 53 Read more »
42.5K BTC reportedly moved from Luna Foundation Guard wallet as UST peg crumblesTerra's UST stablecoin lost its peg to the U.S. dollar this week, falling to a low of 0.9428, according to CoinMarketCap. se viene otro bajoncito... 🐳 66c
Source: Cointelegraph - 🏆 562. / 51 Read more »
Binance Suspends LUNA and UST Token Withdrawals.Binance suspended trading of LUNA and UST citing network congestion as the tokens' prices nosedived. thesamreynolds reports. binance thesamreynolds “Somebody’s blowing up” binance thesamreynolds This is fine binance thesamreynolds Just longed $UST 🚀
Source: CoinDesk - 🏆 291. / 63 Read more »