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TerraUSD, the so-called stablecoin which unexpectedly broke its dollar peg this week, will adjust its complex pegging mechanism in an attempt to stabilise the cryptocurrency, its co-founder said in a tweet on Wednesday.
Stablecoins are digital tokens pegged to the value of traditional assets, such as the U.S. dollar. They are popular in times of turmoil in crypto markets and are a common medium of exchange, often used by traders to move funds around and speculate on other cryptocurrencies.
TerraUSD, also known as 'UST' is one of the largest by market capitalisation, but unlike most other major stablecoins which are backed by
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