UST Stablecoin Implodes and Falls to 068, Bitcoin Reserves Liquidated, LUNA Crashes 50

The TerraUSD stablecoin has imploded — losing its $1 peg and plunging to lows of $0.68 in the early hours of Tuesday.While UST is beginning to head upwards, it’s continuing to trade like an altcoin right now. At the time of writing, prices stand at $0.915.Most stablecoins, Tether among them, are backed on a one-to-one basis by U.S. dollars that are held in reserve.But UST is an algorithmic stablecoin, meaning incentives are used to keep the asset’s price stable instead.