The algorithmic stablecoin had dropped as low as $0.61 overnight amid weakening sentiment in the broader crypto market.
The price of Terra’s algorithmic stablecoin, TerraUSD , regained some of its losses against the US dollar on Tuesday, having dropped as low as $0.61 amid weakening sentiment in the broader cryptocurrency market.
UST climbed to 0.92 against tether , a stablecoin that has kept its peg to the dollar, as of 8:55 a.m. ET, according to market data fromUST is an algorithmic stablecoin that attempts to keep parity with the dollar through its relationship with the LUNA token. A burning mechanism and the ability to always be able to sell $1 worth of LUNA for one UST are designed to keep it in check.
Both UST and the wider Terra ecosystem are supported by the Luna Foundation Guard , a Singapore-based nonprofit. In an attempt to defend the peg on Monday, LFG announced it
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