What is TerraUSD (UST)?

TerraUSD (UST) is one of the algorithmic stablecoins used on the Terra blockchain ecosystem to represent a value pegged at a 1:1 ratio to a fiat currency (in this case, the U.S. dollar). TerraUSD, like TerraKRW, TerraEUR, TerraJPY, and TerraSDR are stablecoins built by Terra and used in its ecosystem. In May 2022, UST lost its peg and quickly dropped to a value of $0.04 USD (where it remains as of June 2022).