Since May 8 until now, the market has had a very deep crash, leading to stable coins like USDT, BUSD and USDC also losing their original $1 peg. The original cause of the incident was that the stablecoin UST was de-peg 1 USD. This leads to Terra’s monetary policy being activated, which is activated to subsidize the UST’s price back to $1.
[A panoramic view of Terra – LUNA and UST after the terrible crash, causing the market to shake violently](https://preview.redd.it/btwsqu5bm6z81.png?width=1024&format=png&auto=webp&s=a411ffc08c169efa65cf953ca423f120ff05c5ef)
However, starting at 0:00 on May 8 when the UST price started to drop from $1 and fell to as low as $0.9857 on the same day due to the sudden withdrawal of UST on Anchor about more than 50% of the UST value at that time. and immediately they were sold off at 3pool on Curve and Binance with a large amount of UST leading to many investors panicking and selling off UST subsequently, causing the value of UST to plummet to $0.6x on May 10.
Read more: [https://cryptowallcity.com/a-panoramic-view-of-terra-luna-and-ust/](https://cryptowallcity.com/a-panoramic-view-of-terra-luna-and-ust/)