BlackRock And Citadel Deny Trading Cratering Stablecoin

In response to widespread rumors, hedge fund giants Citadel Securities and BlackRock say they don't trade any the notorious TerraUSD, a stablecoin that lost its peg to the dollar, wiping out $25 billion from the underlying asset.

Timeline of Terrausd

Following the de-pegging debacle overtaking TerraUSD, several other stablecoins appear to have lost their peg to the dollar as well. The post Series of Stablecoins Lose Pegging Following TerraUSD (UST) appeared first on BeInCrypto.

CoinDesk reported Wednesday that Do Kwon, co-founder and chief executive of the development firm behind the Terra blockchain, was closely involved with an earlier stablecoin effort that failed to gain traction. The post Terraform Labs CEO pseudonymously co-created failed stablecoin project Basis Cash, CoinDesk reports appeared first on The Block.

I've been in cryptocurrency for a few years now, but I've never seen anything like the events of the last 48 hours. We have seen a stablecoin worth $18 billion – UST –  go poof, as well as the accompanying asset – LUNA – which was at its peak worth $42 billion. As I write The post Who is Do Kwon, and where did all go wrong for UST founder? appeared first on Invezz.

When the third largest stablecoin collapsed this week, investors lost more than $25 billion. They're going to be getting a great deal of attention over the next few days and weeks as the fall of the TerraUSD stablecoin lights a fire under the push to regulate the dollar-pegged cryptocurrencies and reignites a fight on Capitol

On the 10th of May, the UST dollar peg hit lows of $0.6. The stablecoin was challenged over thin liquidity, shortly after the Luna Foundation Guards (LFG) finished building its $3 billion treasures last week.

Rumors are circulating online that Citadel Capital may be behind the UST crash as Janet Yellen announces a report on stablecoins. The post Rumors run riot as UST collapses amid Yellen report on stablecoins appeared first on CryptoSlate.

Following on from the death spiral for UST and Luna, affecting the entire Terra ecosystem, Do Kwon has finally tweeted out a plan which he hopes will eventually return UST to its peg and bring much relief to the Terra ecosystem. Whatever can be said about the character of Do Kwon, the co-founder of Terraform Labs, and the very vocal genius behind Terra, he is most certainly a fighter.

Following a failed attempt to defend the peg for the TerraUSD (UST) stablecoin, TerraForm Labs CEO Do Kwon has finally admitted that it is now embarking on a plan to “rebuild UST.” Recall that a sleuth of market events had caused UST to lose its peg from $1 to as low as $0.2, with ecosystem token Terra (LUNA) also dropping by over 90% in 24 hours.

Terraform Labs CEO Do Kwon has set out his plan of action to help the stablecoin TerraUSD (UST) return to its dollar peg. The post Terraform Labs CEO Do Kwon unveils plan to restore UST peg appeared first on The Block.

TerraUSD, one of the largest stablecoins in crypto, may have escaped a classic bank-run-style death spiral Monday night (May 9) thanks to a massive cash infusion from backers — and a timely trading halt on the world's largest cryptocurrency exchange. Stablecoins are increasingly seen as a potential competitor to fiat currencies in the payments market.