The sudden demise of TerraUSD sends other crypto-coins into a downward spiral.
Crypto-currency markets are being rocked after a popular token lost 99% of its value, dragging down a so-called "stablecoin" with it.The collapse had a knock-on effect on a linked token, TerraUSD, which is normally stable.The companies behind stablecoins try to ensure they remain in parity with assets such as the US dollar - with one token equalling $1, for example.Tether, the most popular stablecoin, also fell off its US dollar peg - to an all-time low of $0.95.
A plan to shore up Terra Luna by creating more tokens was outlined - but having lost large sums, many Twitter users are asking the company to help. Paolo Ardoino tweeted: "[A] reminder that Tether is honouring [Tether] redemptions at $1 - 300 million redeemed in [the] last 24 hours, without a sweat drop."Lawmakers and officials in a number of countries have called for stablecoins to be regulated.
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