Although it should be said that UST is an "algorithmic stablecoin" backed by assets that aren't dollars or dollar equivalents. I'm pretty sure UST is backed, directly or indirectly, by Bitcoin. So really its DAI that should be on edge, seeing as that is the other big algo stablecoin. USDC is backed by dollars/dollar equivalents, and UDST (Tether) is ostensibly backed by dollars/dollar equivalents, but I have my doubts about Tether, as does almost everyone in the space haha.I know there is the concept/idea that this is a parallel economy and shouldn't be affected by market trends etc but the naivety of this idea is shocking to me
This is identical to the Spotify attempt to shore up their stock, weirdly, and Eks failed in that attempt as well
If UST tanks completely then surely the idea of Tether etc begins to struggle as well, despite the supposed "real money" backing it up.
Whats the point
At any rate, the UST depegging is categorically different from some of the other stablecoins, which isn't to say they have nothing to worry about.