Tag: Peg

Aave’s GHO Stablecoin Nears Elusive Dollar Peg

The asset, which has been valued at less than $1.00 for nearly all of its life, gained ground this week and rallied to $0.985 for the first time since August. Its volatile gains aren’t doing anything to fix GHO’s reputation as a not-so-stablecoin, but they do set the token close to the levels one might expect from an asset that’s supposed to be worth a dollar – not $0.96. Source

Terra Validator Opposes USTC Burning, Pushes Alternative Plan To Regain Dollar Peg

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A Terra Classic community member with the X handle Rexyz has kicked against burning USTC tokens to enable the stablecoin to recover its dollar peg. According to the X post made on September 18, Rexyz outlines an alternative solution that may lead to USTC being re-valued $1 as well as push Terra Classic (LUNC) price to reach the $1 price mark. Since the collapse of the Terra ecosystem in 2022, the USTC stablecoin has lost its dollar peg and now trades at 98.8% below the $1 mark.  Following this catastrophic…

TrueUSD stops minting via Prime Trust, loses dollar peg

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Stablecoin TruedUSD (TUSD) slightly lost its dollar peg in the early hours of June 10, following a pause in minting activities through its technology partner Prime Trust.  The fifth-largest stablecoin by market capitalization traded at $0.9964 at its deepest point. According to CoinMarketCap, its value is $0.9981 as of this writing. The current supply of TUSD is $2.04 billion, while its collateral is $2.08 billion, data from LedgerLens shows. Announcement: TUSD mints via Prime Trust are paused for further notification. Thanks for your understanding and we are sorry for any…

Terra Classic Advocates Propose Plan to Re-Establish USTC’s Peg With US Dollar, Token’s Value Surges by Over 9% – Bitcoin News

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Almost 12 months back, terrausd (UST), an algorithmic stablecoin, suffered a detachment from the U.S. dollar, causing the Terra ecosystem to crumble shortly thereafter. At present, supporters of the Terra Classic blockchain community are deliberating on a plan to revive the ecosystem by re-establishing the once-stable token’s peg with the U.S. dollar. In response to the proposed development, the value of UST, renamed USTC, has escalated by more than 9% in the past 24 hours. Terra Classic Community Plans to Take Action to Restore USTC’s Peg With USD Terra Classic…

Bitcoin price flash spikes to $50K on Binance after USD Coin peg snaps

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The panic caused due to USD Coin’s (USDC) depeg from the U.S. dollar manifested itself in a wrong order, costing traders $50,000 per Bitcoin (BTC), albeit for several minutes. Bitcoin price sees $50K in “fat finger” error  The BTC/USDC pair on Binance flash spiked to $50,000 on March 12 around 7:00 pm UTC. The reason for the impulse spike is unknown and was likely due to a “fat finger” trade of a large order. BTC/USDC hourly price chart on Binance. Source: TradingView The potential reason for the flash spike is likely…

USDC bounces back toward $1 peg after Fed announcement

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Circle’s stablecoin USD Coin (USDC) is climbing back to its $1 peg following confirmation from CEO Jeremy Allaire that its reserves are safe and the firm has new banking partners lined up at “banking open tomorrow morning.” According to CoinGecko data, USDC is up 3.3% over the past 24 hours to sit at $0.99 at the time of writing. USDC price chart. Source: CoinGecko The price dropped to as low as $0.87 over the weekend amid concerns about $3.3 billion worth of USDC reserves being held at Silicon Valley Bank…