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Algorithmic stablecoin TerraUSD plunges as spooked investors step back
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A selloff in a cryptocurrency that was supposed to be pegged to $1 accelerated 11 May, sending its price to less than a quarter of that value.
TerraUSD traded at 24 cents on 11 May, according to data from CoinDesk, wiping out more than $10bn in market capitalisation in the span of a few hours. A so-called stablecoin, this breed of cryptocurrencies had gained favour among traders for being the one part of the crypto universe that was revered for its stability.
While...
Read more on fnlondon.comAbout this in other media
Top stablecoin Tether boosts US Treasuries holdings economictimes.indiatimes.com /2 years ago
UST aftermath: Is there any future for algorithmic stablecoins? cointelegraph.com /2 years ago
Algorithmic, fiat-backed or crypto-backed: What’s the best stablecoin type? cointelegraph.com /2 years ago
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