Terra (LUNA) co-founder Do Kwon made a statement regarding the TerraUSD (UST) stablecoin.
Do Kwon stated that a plan will be announced to rescue the US dollar-pegged UST stablecoin, which has slumped as low as $0.69 at one time.
Close to announcing a recovery plan for $UST. Hang tight.
— Do Kwon 🌕 (@stablekwon) May 10, 2022
“A recovery plan for the UST will be announced soon. Hold tight”
TerraUSD dropped below $1 yesterday, causing investors to panic. The value of the asset dropped to $0.69 at one time.
Stablecoin fell below $1, while the rumor that the Luna Foundation disposed of over $1 billion worth of Bitcoin was also the subject of great controversy in the crypto community. In a later statement, the foundation emphasized that Bitcoins are not sold, but only given as loans to market makers.
TerraUSD (UST) is trading at $0.90 at the time of writing, according to Binance data.
