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The third-largest stablecoin by market cap Terra USD (UST) appears to be in a catastrophic tailspin which has seen it de-peg from the dollar and drop to as low as $0.67 on May 10.As its price has fallen, so has its market capitalization along with that of Terra (LUNA) which
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The U.S. government again named stablecoins as a potential threat to the stability of the financial system, with both the Federal Reserve and a senior Treasury official saying Monday that the tokens are vulnerable to runs. Source
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Roughly $1.4 billion worth of Bitcoin (BTC) was reportedly moved from a wallet tied to Luna Foundation Guard (LFG) on Monday, raising questions about its ultimate destination on a day that has seen Bitcoin’s price tumble more than 11%. Data from blockchain explorer Blockchair revealed Monday that 42,530.82827771 BTC was spent
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The development comes after the Luna Foundation Guard announced that its massive bitcoin reserves will be used to defend the UST’s dollar peg. Original Source
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Amid the sharp pullback across Bitcoin (BTC) and the wider crypto market this week, the Luna Foundation Guard (LFG) is set to deploy $1.5 billion worth of capital to “help protect” Terra USD’s peg to the U.S. dollar. The Singapore-based nonprofit LFG is part of the Terra (LUNA) ecosystem and
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The move comes after UST briefly lost its peg to the U.S dollar over the weekend. Original Source
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UST briefly lost its dollar peg on Saturday, leading to questions around whether Terra’s Bitcoin reserves will soon face their first test Original Source
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Terra (LUNA) has plunged significantly after witnessing a FUD attack on its native stablecoin TerraUSD (UST).The LUNA/USD pair dropped 20% between May 7 and May 8, hitting $61, its worst level in three months, after a whale mass-dumped $285 million worth of UST. As a result of this selloff, UST briefly
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SynFutures is accessible via Polygon, Binance Smart Chain, and Arbitrum, and processed over $266 million in trading volumes over the past week, data show. The protocol is backed by major crypto investors, such as Polychain Capital and Pantera, among others. Source
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LFG has since purchased bitcoin, Avalanche’s AVAX, other stablecoins, data shows, with Terra also donating 10 million LUNA, worth $890 million at current prices, last week. The reserves currently sit at $2.48 billion at the time of writing, with 69% held in bitcoin. Source
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