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In May 2022, bearish crypto conditions resulted in the depeg of subsequent collapse of [[LUNA]] which crashed from over $80 to $0.69 in the space of five days. UST is the [[stablecoin]] which can be minted with LUNA as part of the [[Terra]] ecosystem which is ran by Do Kwon. | In May 2022, bearish crypto conditions resulted in the depeg of subsequent collapse of [[LUNA]] which crashed from over $80 to $0.69 in the space of five days. UST is the [[stablecoin]] which can be minted with LUNA as part of the [[Terra]] ecosystem which is ran by Do Kwon. | ||
May 09 the Federal Reserve released a report that identified three assets with funding risks: certain money market funds, some bond funds, and stablecoins. The latter sector, it said, "remains exposed to liquidity risks" and "vulnerable to runs." <ref>[https://decrypt.co/100104/after-collapse-terra-ust-next-algorithmic-stablecoins After the Collapse of Terra's UST, What's Next for Algorithmic Stablecoins?] Jeff Benson May 11, 2022</ref> | |||
== Background == | == Background == |
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