Terra, Luna and UST: How we got here

Crypto history was made this week as one of the most popular stablecoins, TerraUSD (UST) lost its peg to the US dollar and then, over the course of a few days, collapsed below $0.30.
The stablecoin began to lose parity with the US dollar over the weekend. Despite expensive attempts this week by UST’s backers to maintain the peg, the coin has fluctuated wildly in price and has failed to regain its peg. 
As of writing, UST is now trading at around $0.68 on Binance against Tether’s USDT, the most voluminous trading pair for UST. And Luna, Terra’s native asset that is supposed to help UST maintain its peg, is down to around $1.25, from $84 a week ago. 
The UST situation is complicated and has unfolded very quickly. Here’s a rundown of how we got to this point — and why it all matters.
Setting the stage
A stablecoin is a type of cryptocurrency whose value is supposed to maintain parity with that of a non-volatile asset, most commonly the United States dollar.
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