Backer of stricken TerraUSD says spent reserves trying to salvage dollar peg

Published by
Reuters UK

By Alun John HONG KONG (Reuters) -An affiliate of the company behind collapsed stablecoin TerraUSD on Monday said it had spent the bulk of its reserves trying to defend its dollar peg last week and would use what little remained to compensate some users who had lost out. The token’s crash last week sent cryptocurrencies tumbling, a slide that resumed on Monday, as bitcoin gave up the gains it had eked out over the weekend to trade just below $30,000. Cryptocurrency markets were rocked by the spectacular collapse of TerraUSD, a so-called stablecoin which lost its 1:1 dollar peg. TerraUSD was tr…

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