ICYMI: Terra, Luna and UST: How we got here
The historic de-pegging of the TerraUSD stablecoin this week sent shockwaves through the financial world.Crypto history was made this week as one of the most popular stablecoins, TerraUSD lost its peg to the US dollar and then, over the course of a few days, collapsed to below $0.30.
As of writing, UST is now trading at around $0.68 on Binance against Tether’s USDT, the most voluminous trading pair for UST. And Luna, Terra’s native asset that is supposed to help UST maintain its peg, is down to around $1.25, from $84 a week ago. Traditional stablecoins like Tether’s USDT and Circle’s USDC are said to be backed by cash and other assets. There are also crypto-collateralized stablecoins, most prominently Maker's Dai.
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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.
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Binance Suspends LUNA and UST Token Withdrawals.Binance suspended trading of LUNA and UST citing network congestion as the tokens' prices nosedived. thesamreynolds reports.
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Terra peg mechanism in doubt as UST crashes to $0.67This stablecoin is struggling with the stability bit. The third-largest stablecoin by market cap, TerraUSD, appears to be in a catastrophic tailspin which has seen it de-peg from the dollar and drop to as low as $0.67.
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Binance temporarily suspends LUNA, UST withdrawals citing network congestionMajor crypto exchange Binance temporarily suspended the withdrawals for Terra and UST on Tuesday. Does this betray the crypto community’s inherent values of decentralization? (Reporting via Arijit_4)
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