Why TerraUSD and Terra Are Surging Today

The price of the controversial algorithmic stablecoin TerraUSD (CRYPTO: UST) and its sister cryptocurrency Terra (CRYPTO: LUNA) surged today after project founder Do Kwon's proposal to rescue the embattled project received approval from the Terra community. Over the last 24 hours, the price of TerraUSD traded more than 41% higher and Terra traded roughly 24% higher as of 11:29 a.m. ET. Stablecoins are digital assets pegged to a commodity or currency like the U.S. dollar.