Not so stable: The course of the stablecoin UST fell to $0.61 – Bits Media

Terrausd third in capitalization of stablecoin (UST) lost the binding to the US dollar - against the background of ongoing sales in the cryptocurrency market, the UST rate fell before $0.61.

Now the stablecoin UST is traded in $0.75, which is also much lower than the standard course in $1. This is possible in periods of market instability, Such as now - algorithmic stablecoins use various cryptocurrencies for their provision and, with a sharp fall in the market, cannot always support the course on a given bar.

Over the past day, Bitcoin has fallen below $30 000, And in Luna Foundation wallets to provide UST stored BTC for the amount $3.5 billion. Most of the security of stablecoin is Luna, so, In an attempt to maintain the UST course, A significant number of coins were sold. This collapsed the Luna course: Over the past day, he has fallen on 49%, And in a week - on 64%.

Terra project founder to Kwon (Do Kwon) and the leadership of Luna Foundation is trying to stabilize the situation. So, The organization "took on credit" bitcoins on $1.5 billion for "Protecting the binding of the UST course". He himself wrote to Kwon on the social network Twitter, that the organization "places funds".

Previously strategist Lin Olden (Lightning alden) stated, that the recent active acquisition of Luna Foundation Guard bitcoins can provoke several threats to the cryptocurrency market.