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.
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— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 9, 2022
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