The sudden demise of TerraUSD sends other crypto-coins into a downward spiral.
Crypto-currency markets are being rocked after a popular token lost 99% of its value, dragging down a so-called "stablecoin" with it.The collapse had a knock-on effect on a linked token, TerraUSD, which is normally stable.The companies behind stablecoins try to ensure they remain in parity with assets such as the US dollar - with one token equalling $1, for example.Tether, the most popular stablecoin, also fell off its US dollar peg - to an all-time low of $0.95.
A plan to shore up Terra Luna by creating more tokens was outlined - but having lost large sums, many Twitter users are asking the company to help. Paolo Ardoino tweeted: "[A] reminder that Tether is honouring [Tether] redemptions at $1 - 300 million redeemed in [the] last 24 hours, without a sweat drop."Lawmakers and officials in a number of countries have called for stablecoins to be regulated.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Turmoil in crypto market as ‘stablecoin’ tether breaks dollar pegFears of contagion among already falling cryptocurrencies if tether follows terra into collapse
Read more »
Crypto prices collapse with Tether latest ‘stablecoin’ to suffer - follow liveBinance has announced warning measures against the Luna cryptocurrency 🔴 All the latest news ➡️
Read more »
What happens in crypto may not stay in crypto this time around\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
Coinbase trading volumes plummet as ‘crypto winter’ sets in\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
Crypto prices collapse with Tether latest ‘stablecoin’ to suffer - follow liveBinance has announced warning measures against the Luna cryptocurrency 🔴 All the latest news ➡️
Read more »
Turmoil in crypto market as ‘stablecoin’ tether breaks dollar pegFears of contagion among already falling cryptocurrencies if tether follows terra into collapse
Read more »