Stablecoin DEI Follows UST’s Lead, Drops Under $0.6

DEUS Finance's algorithmic stablecoin DEI appears to be going the same route as the ravaged Terra USD (UST). DEI is the third stablecoin to depeg from the $1 mark in the past 14 days.  DEI Drops to All-Time Low Price charts from CoinGecko show that the token failed to maintain its dollar peg starting late Sunday. Earlier today, DEI plummeted to an all-time low of 52 cents. The stablecoin has undergone a slight recovery and is hovering at $0.65 at…

Kava USDX Suffers Devaluation as UST Continues Implosion

Over the past few days, Terra’s stablecoin UST has depegged from the  $1 dollar mark, in a series of almost impossible events. The now failed UST coin had many backers, many believers. One of these was Kava Labs, developers of Kava network’s stablecoin USDX. On Wednesday, following UST’s collapse, the USDX followed suit, crashing to depths of $0.47. Nearly 24 hours later, the stablecoin had made some recovery to $0.89 before swinging low again to $0.56.  While Terra USD’s implosion…

Do Kwon Reveals Plans to Restore Terraform Stablecoin

Increased minting capacity leads Terraform CEO's grand plans. In response to Terra’s devastating decline this Monday, co-founder, Do Kwon promised to work alongside users in resolving the crisis.  Since Bitcoin’s accelerated dip began on Monday, UST has dropped to $0.7, then $0.48. Its present price is less than half its originally designated price peg. LUNA in turn has tanked by more than 90% in the past day.  Holders of the beleaguered digital asset hurried en masse to liquidate UST in…

Terra Empties Bitcoin Reserve Wallet as UST Stablecoin Loses Peg

On Monday, the Luna Foundation Guard (LFG) temporarily emptied its entire Bitcoin wallet of 42,530.82 BTC. Due to crypto market volatility, the foundation says it's trying to preserve TerraUSD (UST)’s peg to the dollar. According to on-chain data, the LFG’s Bitcoin wallet sent out all of its Bitcoin at 14:34 EST, only to recover 28,205 BTC just 2 hours later. Terra co-founder Do Kwon explained yesterday that the Guard voted to deploy $1.5 billion from its reserves to maintain UST’s…