ICYMI: UST stablecoin falls to record low amid continued market tumult
, which hosts the most voluminous market pair for UST against USDT, the stablecoin hit a low of $0.9202.
The price has since regained some ground and is trading at $0.948, market data shows. UST had begun toon Saturday, triggered by a series of market events that led UST to struggle to hold parity against the dollar. An algorithmic stablecoin, UST utilizes market incentives in order to maintain its $1 peg.
Monday's fall is significant as it represents a new market low for UST, which fell to $0.96 in May 2021 amid"extreme volatility," as the Terra team said at the time. The development came hours after the Luna Foundation Guard, a Singapore-based nonprofit intended to support both Terra-based stablecoins and the broader ecosystem around that network, announced a plan to lend $1.5 billion worth of bitcoin and UST to third-party trading firms, with the intention of providing support for UST's peg., writing:"Deploying more capital - steady lads."
The moves also come amid broader volatility in the crypto market. Bitcoin's price fell to a low of $30,311 .99, building on an earlier decline that began Monday, as reported by The Block. Bitcoin is currently trading hands at approximately $30,670 on Coinbase, according to TradingView data.
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