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In what's been dubbed "Meltdown Monday", a series of market events led to the $UST stablecoin losing its peg to the US dollar. At the time of this writing, $UST is valued at $0.18 after spending most of its history valued at $1. The subsequent, "de-pegging" of $UST triggered a chain reaction that ultimately caused $50B—that’s BILLION with a B—of market value to evaporate practically overnight. So why did this happen? What does it mean for the future of crypto? And what can we all collectively learn from all this carnage?
