UST stablecoin crashes, BTC closely watched – stablecoin TerraUSD (UST) lost its peg to the US Dollar (USD) over the weekend, and its backers are propping it with Bitcoin (BTC) reserves.
UST and founder Tweeted the recovery plan for #LUNAtics, as the attempted to rally the UST “fam”
Even US Treasury Secretary Janet Yellen chimed in and highlighted concerns about the troubles with UST. She said UST had “experienced a run” at a Senate Banking Committee hearing Tuesday.
Stablecoins have come under scrutiny by regulators because of their growth and potential to cause a systemic risk to the financial system. The algorithmic stablecoin UST, which is on the Terra network, is designed to keep a one-to-one peg with the US dollar. But the UST lost its peg over the weekend, dropping as low as $0.60.
1/ Liquidity brawl behind the scenes amid material $UST peg deviation on third-party venues.
Fighting back. More updates are incoming #LUNAtics. Hang on, fam.
Here are some resources to combat misinformation:
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 9, 2022
As usual, are you a money changer? Join us by leaving your contact here directly and stand to gain our whole suit of software and hardware for free to help digitize your business. 🙂
Missed yesterday’s news? Catch up on news here https://stories.cashchanger.co/free-coverage-covid-19-travel-protection/
Compare & get latest best Exchange rates #SGDUSD #USDSGD #USD #Dollar #SingUS https://cashchanger.co/singapore/sgd-to-usd
Compare Remittance best rates to send money from #Singapore to #US #America – https://remit.cashchanger.co/singapore/sgd-to-usd
Catch us on:
Web: https://cashchanger.co | https://remit.cashchanger.co/
Telegram: https://cashchanger.co/telegram
Facebook: https://fb.me/cashchanger
Instagram: https://www.instagram.com/cashchangercom/
#exchangerate #remittance #compareexchangerates #compareremittancerates #fxrates
Read more about UST stablecoin crashes, BTC closely watched news at https://www.protocol.com/bulletins/terra-stablecoin-loses-peg