TerraUSD ‘stablecoin’ delisted from crypto exchanges

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TerraUSD ‘stablecoin’ delisted from crypto exchanges

TerraUSD, the “algorithmic stablecoin” whose collapse prompted a multibillion-dollar selloff across crypto markets, has turned off its blockchain and been delisted from major exchanges, in effect shuttering the project for good.

But the wider impact of the failure of the project, once valued at more than $40bn, appear to have been constrained.

On Thursday shockwaves swept through cryptocurrency markets as tether, the largest stablecoin and a foundational part of the digital asset ecosystem, broke its peg to the dollar. On Friday however, tether was back to within a fraction of a per cent of its $1 peg and has successfully processed more than $3bn worth of withdrawals without issue.

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