Too Long; Didn't Read
USDT, an algorithmic stablecoin powered by the Terra protocol, lost its peg to US dollar and crashed together with governance counterpart LUNA. Investors rushed to pull out their money from USDT forcing USDT to temporarily lose its parity with the US dollar. By May 23d, USDT circulating supply plunged from $84 billion to around $73 billion, drained by approximately $10 billion. Tether Holdings Limited published its quarterly assurance opinion on its website reaffirming that the stablecoin is fully backed.