Mr Greenwood said the algorithmic stablecoin TerraUSD is an intended one-to-one peg to the US dollar.
“It’s supposed to mirror the US dollar – so in other words one stablecoin equals one US dollar,” he said. “The idea was if you sold your Bitcoin or your Ethereum, you’d go and buy these instead rather than actually converting it back to actual cash until you’re ready for your next transaction.” Mr Greenwood said the crypto market has become “spooked” after the stablecoin suddenly dropped in value to 23 US cents.
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Turmoil and panic in crypto market as ‘stablecoin’ slump prompts wider collapseThe near-total crash of terra has fuelled real panic that the crypto sector may face existential problems 'cryptocurrency' the greatest pyramid scam of all time.
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