The algorithmic stablecoin UST, which is part of the Terra crypto ecosystem, is struggling to maintain parity with the dollar following a Saturday market event.
During the market event, the price of UST hit a low of $0.9857 on Binance against USDT. This trading pair is the most voluminous for UST, with $1.36 billion in volume reported in the past 24 hours., meaning that it relies on market incentives to maintain its peg.
In addition to a burn mechanism involving the LUNA token, which is used as part of Terra's governance process, UST is also backed by an ever-increasing reserve of digital assets like bitcoin that can be used to defend the stablecoin's market parity with the dollar.
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