‘Stable in Name Only’: Stablecoin Issuers Speak Out as UST Craters

Since Terra began blowing up, DAI, a five-year-old overcollateralized stablecoin overseen by the MakerDAO community, has held its peg and carried out liquidations of collateral in an orderly fashion, which has been “a great test of the system,” said Luca Prosperi, a leader on lending oversight at MakerDAO.