Tether (USDT) losses dollar peg after the recent stablecoin drama with Terra's UST

Tether (USDT) has become the next stablecoin to suffer from the ongoing stablecoin fiasco that started with TerraUST de-pegging from the US Dollar. USDT traders were treated to a scare after the price of USDT lost its dollar parity and slid below $1 to trade as low as $0.97 before recovering to trade above $0.99 The post Tether (USDT) losses dollar peg after the recent stablecoin drama with Terra's UST appeared first on Invezz.

Timeline of Terra-luna, Tether, Terrausd

The circulating supply of Luna (LUNA) has broken above the 25 billion mark as the token is being minted on an exponential level. The post Luna token supply hits 25 billion — up by nearly 24 billion today appeared first on The Block.

The LUNA/UST affair has caused discrepancies in the BTC-stablecoin trading pairs on different global cryptocurrency exchanges. Cryptocurrencies are still feeling the effects of the TerraUSD disaster, with markets continuing to suffer significant losses.

Tether, issuer of the dollar-based stablecoin USDT, has announced that it will honor all redemptions at USD $1 for all verified customers. The commitment by Tether arrives at a time of unprecedented volatility in crypto markets.

Anyone in the know regarding crypto will be aware of Terra's (LUNA) collapse over the last few days - this article was written on May 10th, 2022. Its stable coin, UST, pegged to the price of 1 US Dollar collapsed by 80%, something unprecedented in the stable coin market.

Terraform Labs proposed to burn a total of $1.3 billion worth of UST to save LUNA to combat the current crisis. The post TerraForm Labs proposes to burn $1.3B in UST to save LUNA appeared first on CryptoSlate.

Terra's CEO, Do Kwon, reappeared early Wednesday to present an emergency plan to save UST and LUNA. To protect against network governance attacks, the business proposes burning all UST in the community pool, burning the remaining 371 million UST cross-chain on Ethereum, and stakeing 240 million LUNA.

The world's largest asset manager, Blackrock, and hedge fund giant Citadel Securities have denied claims that they had a role in the fall of terrausd (UST) and terra (LUNA). In addition, crypto exchange Gemini has denied making a bitcoin loan that resulted in the terra collapse. Blackrock, Citadel Securities, Gemini Deny Rumors Following the collapse

When the market crashes, investors usually watch Bitcoin with frantic eyes – but everything is different this time. A Terra-fying saga is in progress, which saw Terra [LUNA] lose more than 95% of its value in a day to trade at $0.1194 at press time.

The world's largest stablecoin lost its peg briefly on Thursday amid extremely volatile conditions in the cryptocurrency market. USDT momentarily depegged to $0.95 but has recovered to $0.9921 during the time of writing.

Do Kwon's first rescue plan included enlarging the base pool, burning UST, and staking LUNA, according to the Terra's Twitter account. Terra feels that the downward pressure on UST's peg is diluting Luna, delaying both recovery and producing an excess of UST and that the only way to address this is to burn UST and …