Controversial stablecoin UST — which is meant to be pegged to the dollar — plummets below 50 cents

Controversial stablecoin UST — which is meant to be pegged to the dollar — plummets below 50 cents

  • UST, a so-called stablecoin that’s meant to maintain a $1 peg, was trading at less than 50 cents Wednesday.
  • Sister token luna dived more than 80%.
  • Terra creator Do Kwon said Tuesday he was “close to announcing a recovery plan” for UST.

The two main tokens from embattled crypto project Terra are now in freefall.

UST, a so-called stablecoin that’s meant to maintain a 1:1 peg with the U.S. dollar, plunged to as low as 31 cents Wednesday. It was last trading at less than 50 cents, according to CoinGecko data.

Read entire article: https://www.cnbc.com/2022/05/11/terra-ust-stablecoin-dives-below-1-peg-luna-cryptocurrency-down-80percent.html

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