LFG to deploy $1.5 billion to bolster UST peg and build BTC reserves
Cointelegraph
Published May 09, 2022 03:47AM ET
Updated May 09, 2022 05:20AM ET
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 (UST) peg to the United States dollar.
The Singapore-based nonprofit LFG is part of the Terra ecosystem and is tasked with collateralizing the network’s algorithmic stablecoin UST to keep its USD peg intact while also managing the network’s reserves.
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Written By: Cointelegraph
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