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Following massive outflows from UST on Anchor, holders of the stablecoin had to witness a brief de-pegging, which caused the price of the stablecoin to drop below $1.
As Bitcoin and other cryptocurrencies plunge further down, panic sentiment has overtaken the market and is causing massive outflows from both stable and regular digital assets.
The second reason that fueled the outflows could be tied to the release of USDD stablecoin by Tron, which will offer greater rates for liquidity provision at the start of the project.
Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future.