Despite Its Name, Terra’s Stablecoin Value Plummets

In yet another case of stablecoins being less-than-stable, terraUSD (UST) plunged below its $US1 ($1.44) price peg for the first time since its inception. Bloomberg spotted the coin slipping to about 99 cents ($1.37) over the weekend, before plunging to roughly 60 cents ($0.83) on Monday night. As of this writing, Coindesk reports that the UST seems to be hovering between 92 cents ($1.28) and 98 cents ($1.36).Terra — which was created back in 2018 following the massive bitcoin boom of the