TerraUSD, the third-largest stablecoin in market cap by market value (UST), seems to be in a severe tailspin that has seen it drop as low as $0.67 per Tuesday and de-peg from USD.

Its market capitalization has declined with its declining price, as has ().LUNA), which backs the majority of the value of UST. Adding insult to the injury, the market capital of UST is now much larger than that of LUNA. This has drawn extreme scrutiny from the crypto community.