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Bloomberg Crypto
Bloomberg Crypto

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5 Tweets 12 reads May 12, 2022
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Algorithmic stablecoins, like their more “traditional” counterparts, are supposed to provide calm in the chaos of crypto.
Instead, as investors in TerraUSD are rapidly finding out, they can serve as lightning rods for volatility trib.al
trib.al
Rather than trading at $1, as designed, UST slipped over the weekend to around 99 cents.
By Monday evening in New York, it had plunged to 60 cents. It clawed back losses on Tuesday and is fluctuating between around 90 cents and $1 -- a sign of trouble trib.al
Rather than trading at $1, as designed, UST slipped over the weekend to around 99 cents. By Monday...
trib.al
What caused Terra’s coin to become untethered is a topic of intense internet debate.
The disconnect happened alongside a sharp selloff in cryptoassets -- including a plunge in Bitcoin to below $30,000 -- and a retreat from risk assets including stocks trib.al
trib.al
Whatever the catalyst, it’s no small thing.
There are around 18.5 billion of UST in circulation, according to CoinMarketCap, a big enough presence that its swings could have systemic implications for other coins and protocols trib.al
Whatever the catalyst, it’s no small thing. There are around 18.5 billion of UST in circulation, ac...
trib.al
And Do Kwon, the crypto upstart behind UST, has previously committed to buying as much as $10 billion worth of Bitcoin as part of his support of the coin, further entwining the project with the core of the digital-asset market trib.al
trib.al

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