In this article, Cyril Sabbagh looks back on the Terra LUNA saga, explaining how and why it happened, and gives his perspective on stablecoins more generally
At the time of the crash, the UST was the 3rd largest stablecoin, with $19bn, the LUNA token meanwhile occupied the 9th place in terms of capitalization with $21bn. All in all, nearly $40 billion evaporated in a few days.
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