As TerraUSD (UST) plummets in value, the Luna Foundation Guard says it’s preparing $1.5 billion in Bitcoin and UST to address market concerns about the stablecoin.
UST, a stablecoin designed to be pegged to the US dollar (USD), is trading for $0.75 at time of writing, down more than 24% in the past day.
Though designed to keep an equal value to the USD, UST first fell below $1.00 on Saturday before collapsing on Monday.
“As a result, the LFG Council has voted to execute the following:
– Loan $750 million worth of BTC to OTC [over-the-counter] trading