This 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.
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 on Tuesday.
As its price has fallen, so has its market capitalization along with that of Terra , which backs the majority of the value of UST. Adding further insult to injury, the market cap of UST has vastly surpassed that of LUNA, drawing extreme scrutiny from the crypto community.As of the time of writing, the UST price is $0.78 with a market cap of $14.1 billion, while LUNA has been in a freefall, collapsing to $35.07. This hasmassive liquidations on leveraged positions, dropping its market cap to $12.
If the market cap of LUNA is lower than UST, it is possible that there are not enough funds in the Terra project to properly back the value of the algorithmic stablecoin and maintain its peg.
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