Bitcoin Selloff Can Not Save UST Stablecoins from Crashing
70
Luna Foundation Guard, the fund set up by Terra founder Do Kwon, has pledged to use bitcoin in a sharp drop in the value of the UST. He said Monday that Terra sold 33,206 bitcoins outright as a last-ditch effort to defend the anchor as the UST fell below its expected $1 peg, the Financial Times reported May 16th. However, it used up almost all bitcoin in its reserves last week, failing to save UST (terra USD).