The UST stablecoin deviates significantly from the dollar peg. Here's the latest
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The UST stablecoin deviates significantly from the dollar peg. Here's the latest
The UST stablecoin deviates significantly from the dollar peg Here's the latest Don't miss CoinDesk's 2022 Consensus, the must-attend crypto and blockchain festival experience of the year in Austin, Texas from June 9-12. UST fell to $0.65 on Monday, indicating a possible collapse of the market-leading algorithmic stablecoin. The LUNA, the shock absorbers in the floor tanks, are down 50% to $30. The Luna Foundation Guard The Luna Foundation Guard, the entity responsible for maintaining the stablecoin peg, has exhausted its $1.5 billion bitcoin reserves and bought an additional $850 million in BTC in an effort to defend the peg. The move may have created selling pressure that contributed to the 10% drop in bitcoin's price on Monday. On Tuesday morning, floor treasuries returned to $0.90 after LFG posted an additional Bitcoin to maintain the peg. Algorithmic stable UST lost its $1 peg for the second time in three days on Monday, dropping to $0.65 according to the latest price esti…