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
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
285 Million UST Sold by Single Wallet on Curve and Binance Triggers Huge OutflowsICYMI: single wallet withdraws 285 million UST on Curve and Binance, causing massive outflows Terra LUNA $LUNA
Read more »
Binance Suspends LUNA and UST Token Withdrawals.Binance suspended trading of LUNA and UST citing network congestion as the tokens' prices nosedived. thesamreynolds reports.
Read more »
UST Battles for Stability as Traders Panic, LUNA Crashes, and Bitcoin Selloff Fears Grow | CoinMarketCapA depeg of the UST stablecoin has the potential to send shockwaves through the crypto ecosystem — more so now than a few months ago.
Read more »
Price of algorithmic stablecoin UST drops 2% below dollar pegThe algorithmic stablecoin UST has fallen 2% below its peg to the US dollar, according to data from crypto exchange Binance.
Read more »