What was formerly the 4th largest cryptocurrency just 1 month ago, has now plunged 99.9%:
Here’s the stablecoin TerraUSD (UST). Remember that the people holding UST believed that they were holding something as good as USD. Which now very clearly isn’t – down 82% as we speak: To really understand this and why it matters, we need to start at the top. What is a Stablecoin? If you want to transfer USD to anyone today, you need to use the banking system....In a week that was action packed with events, the standout event will have to be the death of Luna / UST.
This is one for the ages… that we’ll still be talking about years from now.
It has broader implications, so it’s important to understand what happened.
What happened to Terra (Luna) / Terra USD (UST)?
Here’s the 5 day chart of Terra (Luna).
It’s nothing short of complete destruction.
