since it was not the Terra Luna Crash per se, but a liquidation in the greater market, it could happen again and happen to all stable coin systems. Your right, one should be aware of liquidation-triggered death spirals! The fact that Vest Token are a different thing than Luna Token is right, but one should not underestimate the amount of liquid hive/ hive IOUs on exchanges. The problem in a deflationary world are running costs/liabilities that can be paid neither by liquid hive nor by writing a cheque on Vests, so liquidations in to the Dollar are kind of mandatory - especially when HBD gets depeged.
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Terra Luna was designed in a way that made this crash inevitable, algo stablecoin, no dollar reserve, 19.5% interest on UST, the crash in stocks and crypto market triggered the Luna crash so to speak, which was forced to liquidate its BTC reserves, further tanking the Bitcoin and the crypto market. Stablecoins are a risk not just for LUNA or HIVE but for the entire crypto market, if they become too big and have no or insufficient reserves.