What happened to terrausd (Ust-USD)?

TerraUSD ( UST-USD ), which was the third-largest stablecoin in the cryptocurrency market just a couple weeks ago, has since unpegged from the U.S. dollar and collapsed along with its reserve asset Luna ( LUNA1-USD ).

How did terrausd crash affect FTX?

The links between the crash of the highly speculative TerraUSD and FTX-a much more mainstream player in the crypto market-could help explain how FTX’s losses mounted so quickly-and why it will be exceedingly difficult for FTX customers to get their money back.

What happened to the price of terrausd?

The price of TerraUSD has plunged more than 31% as of 10 a.m. ET today, while the price of Terra has fallen more than 30%. Founded by the influential South Korean crypto developer Do Kwon, TerraUSD is a popular algorithm stablecoin. Traditional stablecoins are digital assets backed by real assets such as a fiat currency or commodity.

What is the difference between Terra USD and Tether USDT?

Let’s try to compare these two stablecoins using the following points: Decentralization: Terra USD is a fully decentralized stablecoin but Tether USDT, the centralized authority of USDT means you need to have an equivalent amount of USD as reserves as collateral.