Terraform Labs CEO Do Kwon unveils plan to restore UST peg

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.

Timeline of Terrausd

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.

Macro guru and Real Vision CEO Raoul Pal says the recent issues with Terra's algorithmic stablecoin, UST, may lead to new stablecoin regulation. In a new interview with Bankless, the former Goldman Sachs executive says UST's recent loss of its US dollar (USD) peg is part and parcel of most financial markets. UST is designed The post After TerraUSD (UST) Depegging, Macro Guru Raoul Pal Says Stablecoin Regulation Could Be Coming appeared first on The Daily Hodl.

The UST stablecoin's dramatic decline in value featured in U.S. Treasury Secretary Janet Yellen's testimony before the committee on banking, housing, and urban affairs, U.S. Senate, on Tuesday. Yellen stated that the stablecoin's turbulence clearly illustrates risks associated with crypto assets to financial stability, adding that the treasury department would soon issue a comprehensive report The post $UST Decline: Here's U.S. Government's Quick Response appeared first on CoinGape.

“A stablecoin known as TerraUSD experienced a run and declined in value. I think that this simply illustrates that this is a rapidly growing product and there are rapidly growing risks,” said Secretary Yellen. The post US Treasury Secretary Yellen points to UST slip, asks for new stablecoin legislation by the end of 2022 appeared first on The Block.

On Monday, May 9, 2022, the stablecoin terrausd (UST) lost its parity with the U.S. dollar and dropped to an all-time low of $0.66 per unit. The stablecoin has been one of the most topical discussions in crypto during the past 24 hours, as many have been betting on whether it will fail or recover.

The co-founder of defunct crypto exchange Quadriga took advantage of the stablecoin's dip. The post Quadriga co-founder Michael Patryn trades UST crash for $760,000 gain appeared first on The Block.

The algorithmic stablecoin had dropped as low as $0.61 overnight amid weakening sentiment in the broader crypto market. The post UST stablecoin regains some ground as crypto sentiment improves appeared first on The Block.

TerraUSD (UST) is without its dollar peg for the second time in only three days, CoinDesk reported Monday (May 9). It fell as low as $0.9009 on Monday, per estimates from CoinMarketCap.

The price of algorithmic stablecoin UST fell to a new low on Monday amid continued volatility in the broader cryptocurrency market. The post UST stablecoin falls to record low amid continued market tumult appeared first on The Block.

The algorithmic stablecoin UST has fallen 2% below its peg to the US dollar, according to data from crypto exchange Binance. The post Price of algorithmic stablecoin UST drops 2% below dollar peg appeared first on The Block.