Cryptocurrency Luna Lurches as Terra USD Volatility Continues
-The Terra USD (UST) stablecoin has been trading below its dollar peg since Saturday, with a prolonged de-peg leading to mass withdrawals from the preeminent Terra blockchain dApp Anchor.
-The net UST supply contraction amounts to roughly $1 billion already, with increased supply decimating the price of Terras native asset, LUNA.
-Terra mastermind Do Kwon has announced an imminent though unspecified recovery plan.
-Algorithmic stablecoins remain highly experimental and have failed spectacularly before, most recently the Waves-based stablecoin USDN, which collapsed to 77 cents in early April and has never fully recovered.
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