Back to collectionAs UST Slides, the Stablecoin Question Changes
UST had spent two days away from its peg, and changes in the Curve pool had split the community over claims of a quick recovery. After falling below USD 0.99, UST slid toward USD 0.97. The discussion shifted from when the peg would return to whether it could hold at all.
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UST had spent two days away from its peg, and changes in the Curve pool had split the community over claims of a quick recovery. The Night Watchman stayed in the chat, concerned that players might treat a constantly refreshing price as someone else’s answer to a decision they faced themselves.
After falling below USD 0.99, UST slid toward USD 0.97. LFG sold reserve bitcoin to defend the peg, but the resulting selling pressure of several billion dollars frightened the wider market; BTC fell below USD 31,000 in a day. For the first time, someone in the chat asked in earnest, “Can this still be called a stablecoin?” The Night Watchman did not defend the mechanism. He let the questioner explain the concern fully.
The discussion shifted from when the peg would return to whether it could hold at all. Players now faced more than a flickering price. The Night Watchman planned to gather the chat’s risk questions so newcomers would encounter more than reassurance or alarm. No one knew whether UST would stop falling.