Last week, Luna Foundation Guard spent virtually all of its bitcoin reserves in a failed effort to preserve terraUSD. TerraUSD, or UST for short, has dropped far below its $1 target. It was selling at only 8 cents on Monday. Do Kwon, the developer of Terra, had vowed to adopt bitcoin if the worth of UST fell dramatically.
Investor’s purpose on UST
Investors have been curious about what occurred to the $2.9 billion in btc Terra purchased to support its failing stablecoin. They’ve received their response. Last week, the Luna Foundation Guard, a fund established by Terra founder Do Kwon, spent virtually all or most of the bitcoin in its reserves in a failed bid to preserve terraUSD, or UST, for short.
UST foundation impact on UST
The foundation had sold more than 80,500 btc, valued at roughly $2.9 billion the week before, as well as many other currencies including as BNB, tether, USDC, and avalanche. Kwon had vowed to utilize bitcoin if the value of the UST dropped dramatically.