Luna Foundation Guard (LFG) Will Spend $1.5B To Support UST

Terra (Luna) briefly dropped to $0.98 on May 8 after a major sell-off to its native stablecoin TerraUSD (UST).

Terra’s native cryptocurrency LUNA runs from May 7-8. 20% had fallen and a whale UST sale for $285 million result price for $0.98 had regressed. stablecoin pegged to 1 US dollarregained its stability after a while.

LFG, the reserve owner of UST, who recovered the price after the decline, said that he will spend $ 1.5 billion to avoid this situation again and that he will spend over the counter. (OTC) for transactions Bitcoin worth $750 million and announced that he will give UST loan to buy Bitcoin when the market normalizes.

In addition, in the statement made by Terra:

The cryptocurrency market has been volatile for the past few days. Due to the macroeconomic conditions, the markets were also heavily affected. There were significant movements in LUNA, Bitcoin and UST. Even if the current situation has returned to normal, LFG will endeavor to preserve the stability of the UST and the Terra ecosystem so that we do not experience such an event again in the future.

it was said.

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