Stablecoin UST lost its peg to USD

10.05.2022 10:27
by Artem Ustinov
1 min read

Stablecoin UST lost its peg to USD

The stablecoin exchange rate from Luna Foundation UST ceased to correspond to 1:1 dollar fell to $0.9. In some periods, the price reached up to $0.64N. Luna Foundation has repeatedly bought BTC to increase the stability of the decentralized stablecoin TerraUSD (UST).

UST/USDT by TradingView

Due to the fall in the price of UST, the fund decided to use the accumulated BTC to buy back its stablecoin. Also, Binance has disabled LUNA and UST withdrawals due to too much pending transactions.

Author

  • Crypto analyst and practitioner trader with the law and managerial education. Active investor and crypto enthusiast. Worked as an analyst and copywriter in a brokerage company. Accompanied by DAO and NFT projects of different levels of complexity.

Trending news

Subscribe and be in touch
Click here