Bitcoin recently fell to $27,700 – a 16-month low – before regaining ground. It was part of a mass sell-off of cryptos triggered by the terraUSD stablecoin (UST) failure to hold its 1:1 dollar peg. shauryamalwa and JPRubin23 report
, whose parent firms claim to hold actual dollars in back accounts to sufficiently back the values of USDT and USDC, respectively.
As an example, consider Terra’s LUNA and UST tokens. A sudden fall in LUNA prices affects UST's entire stabilizing mechanism because users can no longer redeem their $1 of UST for $1 of LUNA. This creates a downward spiral as falling UST prices affect sentiment around LUNA, and a LUNA sell-off leads to lower UST prices.
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