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Luna Foundation Guard seeks more than $1 billion to shore up UST stablecoin: sources
The Luna Foundation Guard (LFG), a Singapore-based non-profit that supports the Terra blockchain ecosystem, is looking to raise more than $1 billion to shore up the UST algorithmic stablecoin after it lost parity with the US dollar, according to three sources familiar with the situation. Algorithmic stablecoins like UST are meant to stay pegged one-to-one to the price of an underlying fiat currency such as the dollar. But UST dropped as low as $0.61 on Monday amid a wider sell-off in crypto markets, before recovering to $0.91 at the time of writing. chart The group is now looking to raise fresh capital from some of ... (full story)
