zlacker

>>mkeete+(OP)
IMO, every single exchange is at least partially responsible for misleading users. Binance.US and OKCoin specifically marketed UST as a stablecoin that you could earn 20%. Marketing it as a stablecoin is a very clear signal that it has less risk.

Yes, users should inform themselves, but exchanges (as well as companies like Stablegains) need to be held accountable.

>>ryanSr+ef
Binance.US didn't list UST until fairly recently.

Before then, Binance.US had several other "stable coins", the most popular being Binance USD and Tether. (Binance.US also has a dollar asset which is supposedly FDIC insured.)

Binance.US has trading rules that specify things like minimum and maximum price. The minimum price for Binance USD and Tether is something like $0.0001 (and the maximum price is something like $1000.0). IIRC, all of the other stable coins have similar "bounds".

UST when introduced was different. Its minimum price was $0.70 (and its maximum price was $1.30).

When things went to crap, that minimum price basically froze the market, or rather froze people into their positions. (There were people willing to buy at $0.45, for a while, then $0.17.)

FWIW, Binance.US eventually significantly reduced the minimum.