US Treasury Secretary Yellen points to UST slip, asks for new stablecoin legislation by the end of 2022

“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.

Timeline of Terrausd

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.

The algorithmic stablecoin UST, which is part of the Terra crypto ecosystem, is struggling to maintain parity with the dollar following a Saturday market event. The post UST stablecoin struggles to maintain $1 parity amid crypto market turbulence appeared first on The Block.

The demand for efficient money markets is so high that not even the inflation rate at 8.5% is diminishing it. The post After UST's Success, a New Race for L1 Stablecoins is Here appeared first on CryptoSlate.