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UST 'Stablecoin', Meant to Maintain a $1 Peg, Crashes to $0.26

TerraUSD (UST), a “stablecoin” that was allegedly pegged to $1, plummeted on Wednesday to just 26c, according to Coinbase (NASDAQ:COIN) data. UST’s sister token Luna cratered as...
UST 'Stablecoin', Meant to Maintain a $1 Peg, Crashes to $0.26 © Reuters. UST 'Stablecoin', Meant to Maintain a $1 Peg, Crashes to $0.26

TerraUSD (UST), a “stablecoin” that was allegedly pegged to $1, plummeted on Wednesday to just 26c, according to Coinbase (NASDAQ:COIN) data. UST’s sister token Luna cratered as well over 95% to $3.6.

UST then recovered to trade around $0.45 at 05:46 EST.

Stablecoins are cryptocurrencies designed to provide a stable store of value to avoid the high volatility associated with big cryptocurrencies such as Bitcoin. The price of stablecoins is usually pegged to traditional currencies or exchange-traded commodities.

TerraUSD uses a complex system that involves minting and burning tokens to manage supply and keep prices stable. However, its price has plunged in recent days after a major sell-off in the crypto market, spooking investors even more.

UST was created by Terraform Labs founder and CEO, Do Kwon, who secured billions of dollars in Bitcoin through his Luna Foundation Guard fund to back UST during periods of turmoil. But now investors are concerned that Luna Foundation Guard would unload the amassed Bitcoins onto the market, which could trigger an even larger sell-off.

Bitcoin fell below $30,000 Tuesday, touching its lowest mark since July 2021, before briefly recovering above that level. The world’s largest cryptocurrency is down roughly 56% from its all-time high of almost $69,000 in November 2021.

CryptoCompare analyst David Moreno Darocas said the latest developments emphasize the “fragility” of algorithmic stablecoins such as TerraUSD.

“UST has grown to be both an integral and controversial piece of the crypto ecosystem,” he added.

Treasury Secretary Janet Yellen warned yesterday that the crisis surrounding UST shows algorithmic stablecoins offer “risks to financial stability”.

By Senad Karaahmetovic

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24-05-2022 04:40:08 (UTC+7)

EUR/USD

1.0692

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/USD

1.0692

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

GBP/USD

1.2587

-0.0001 (-0.00%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (2)

USD/JPY

127.89

+0.03 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (6)

AUD/USD

0.7109

+0.0003 (+0.04%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.2770

+0.0006 (+0.04%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (0)

EUR/JPY

136.74

+0.06 (+0.04%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (2)

Sell (3)

EUR/CHF

1.0324

+0.0003 (+0.02%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (2)

Sell (4)

Gold Futures

1,852.10

+10.00 (+0.54%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (7)

Sell (1)

Silver Futures

21.775

+0.101 (+0.47%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (1)

Copper Futures

4.3407

+0.0657 (+1.54%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (2)

Crude Oil WTI Futures

110.59

+0.31 (+0.28%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

Brent Oil Futures

110.91

0.00 (0.00%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (2)

Sell (5)

Natural Gas Futures

8.819

+0.641 (+7.84%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (7)

US Coffee C Futures

215.58

-0.27 (-0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Euro Stoxx 50

3,708.39

+51.36 (+1.40%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

S&P 500

3,973.75

+72.39 (+1.86%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

DAX

14,175.40

+193.49 (+1.38%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

FTSE 100

7,513.44

+123.46 (+1.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Hang Seng

20,470.06

-247.18 (-1.19%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (4)

US Small Cap 2000

1,788.91

+15.64 (+0.88%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (6)

Sell (1)

IBEX 35

8,625.80

+141.30 (+1.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

BASF SE NA O.N.

49.735

+0.885 (+1.81%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Bayer AG NA

64.47

+0.73 (+1.15%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (0)

Allianz SE VNA O.N.

199.38

+3.80 (+1.94%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

Adidas AG

175.48

+2.68 (+1.55%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Deutsche Lufthansa AG

6.903

+0.051 (+0.74%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (3)

Siemens AG Class N

116.70

+1.62 (+1.41%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (1)

Deutsche Bank AG

10.018

+0.656 (+7.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

 EUR/USD1.0692↑ Buy
 GBP/USD1.2587↑ Buy
 USD/JPY127.89↑ Sell
 AUD/USD0.7109Neutral
 USD/CAD1.2770↑ Buy
 EUR/JPY136.74Neutral
 EUR/CHF1.0324Sell
 Gold1,852.10Neutral
 Silver21.775↑ Buy
 Copper4.3407↑ Buy
 Crude Oil WTI110.59↑ Buy
 Brent Oil110.91Neutral
 Natural Gas8.819↑ Sell
 US Coffee C215.58↑ Buy
 Euro Stoxx 503,708.39↑ Buy
 S&P 5003,973.75↑ Buy
 DAX14,175.40↑ Buy
 FTSE 1007,513.44↑ Buy
 Hang Seng20,470.06Neutral
 Small Cap 20001,788.91↑ Sell
 IBEX 358,625.80↑ Buy
 BASF49.735↑ Buy
 Bayer64.47↑ Buy
 Allianz199.38↑ Buy
 Adidas175.48↑ Buy
 Lufthansa6.903Neutral
 Siemens AG116.70↑ Buy
 Deutsche Bank AG10.018↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,890/ 6,990
(0/ 0) # 1,765
SJC HCM6,905/ 6,995
(0/ 0) # 1,769
SJC Hanoi6,905/ 6,997
(0/ 0) # 1,771
SJC Danang6,905/ 6,997
(0/ 0) # 1,771
SJC Nhatrang6,905/ 6,997
(0/ 0) # 1,771
SJC Cantho6,905/ 6,997
(0/ 0) # 1,771
Cập nhật 24-05-2022 04:40:10
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,853.70+7.880.43%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
ↂ Giá dầu thô thế giới
WTI$110.06-0.36-0.32%
Brent$111.25-0.71-0.64%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.005,0023.315,00
EUR23.899,8625.238,69
GBP28.277,1029.483,51
JPY176,47186,83
KRW15,8019,25
Cập nhật lúc 18:52:02 23/05/2022
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