The US credit rating agency Fitch Rating says the collapse of the Terra project will accelerate calls for regulation.
Fitch, one of the three major credit rating agencies, said the distress in the UST stablecoin highlights the fragile nature of the asset.
With a total market cap of over $42 billion last month, LUNA’s value has dropped to less than a cent today. The massive crash caused Binance to remove LUNA from margin trading.
LUNA’s supply has increased 20 times in four days to 7.1 billion tokens. The token, which currently has a total market capitalization of $ 49 million, fell to 179th place in the largest crypto money list.
US Treasury Secretary Janet Yellen stated that this event is a testament to the risks associated with the stablecoin.
LUNA is trading at $0.04325 at the time of writing, according to Binance data.
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