Hacker News Reader

Very few people converted to cash. It was mostly crypto to crypto iirc (Luna -> Terra -> Tether -> BTC/ETH)

Also Terra was the algorithmically pegged stablecoin to Luna (not Tether in case that was the confusion)

There was sufficient pressure on USDT, as well as cashing out to the point of USDT briefly dropping in price by a few cents, so this isn't quite accurate.

UST is the algostable, terra is the chain

Reply on news.ycombinator.com