Investors in bitcoin are in panic mode as the controversial terraUSD stablecoin slips further from its intended $1 peg.
to adjust supply. When the price of UST falls below the dollar, it can be taken out of circulation and exchanged for luna, making UST's supply more scarce and boosting its price — at least, that's how it should work in theory.
In a follow-up tweet, the organization said it had withdrawn 37,000 bitcoins — worth over $1 billion at current prices — to lend out."Very little" of the borrowed bitcoins have been spent, Luna Foundation Guard said, but it is"currently being used to buy" UST.
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