Terra peg mechanism in doubt as UST crashes to $0.67
The third-largest stablecoin by market cap, TerraUSD (UST), appears to be in a catastrophic tailspin which has seen it de-peg from the dollar and drop to as low as $0.67 on Tuesday.
As its price has fallen, so has its market capitalization along with that of (LUNA), which backs the majority of the value of UST. Adding further insult to injury, the market cap of UST has vastly surpassed that of LUNA, drawing extreme scrutiny from the crypto community.
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