Series of Stablecoins Lose Pegging Following TerraUSD (UST)

-Several stablecoins have lost their peg to the dollar
-The Singapore-based non-profit that supports the Terra network, the Luna Foundation Guard, has been reaching out to investors in an effort to shore up USTs value
-In contrast, LUNA, trading at $85 dollars a mere few days ago, fell to a low of $1
-The staggering drops, and resulting liquidity issues, prompted Binance to suspend withdrawals of the ailing cryptocurrencies
-Now, in what could be a ripple effect, several other stablecoins have been knocked off their peg to the dollar
-At around noon CET, stablecoin Neutrino USD (USDN) fell past the $0.95 price point, hitting $0.85 three hours later
-Meanwhile, stablecoin USDX (Kava) has fallen even more significantly, losing 34% of its value in the past day
-The monetary authority believes that stablecoins are prone to runs, and that as the sector continues to grow rapidly it remains exposed to liquidity risks. Additionally, the report claims that the assets backing them could potentially lose value and become illiquid.

stablecoins Series of Stablecoins Lose Pegging Following TerraUSD (UST)
Series of Stablecoins Lose Pegging Following TerraUSD (UST) 2

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