COINHOT – Luna Foundation Guard (LFG), the company behind the collapse of stablecoin Terra USD (UST), said Monday, May 16, 2022, that it is spending most of its reserves to maintain a currency pegged to the market. dollar. he said. last week. LFG will use the rest to make up for some of its lost users.
In a report (May 18, 2022) by Channel News Asia, a Singapore-based nonprofit designed to defend Terra USD, Twitter on Monday said it would use its remaining assets to reward other users. . called stablecoins.
He would start with the smallest sample, but he had not yet decided on the best way.
To support the terrestrial treasury, the organization has built a massive reserve containing more than 80,000 bitcoins and millions of other stablecoins, many of which are known to have been used to back the coin over the past week.
LFG initially pledged to increase its holdings by $10 billion, or about Rs 146.5 trillion in Bitcoin. The company said in a tweet that its holdings had dropped to 313 Bitcoins and other assets.
Last week’s blackout between UST and Luna also had an impact on crypto prices, which have fallen slightly over the past week.
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The case has raised particular interest in financial regulators about stablecoins and the role they play in cryptographic systems as the primary means of moving funds between cryptocurrencies or converting balances into cash.
French Banking Governor Francois Villeroy de Gallo told a news conference that crypto assets can disrupt the international financial system if they are not regulated and operated in a consistent and compatible manner across jurisdictions. He pointed to stable UST as a risk factor.
Separately, ECB executive board member Fabio Panetta said on Monday that stablecoins are particularly vulnerable to run.
Tether, the world’s largest stablecoin, briefly fell 1:1 on May 12, and then showed a recovery trend. According to the operating company, unlike Terra USD, Tether is backed by an existing reserve of assets.
Regulators elsewhere are also concerned about what happened in the cryptocurrency market last week. The US Federal Reserve warned last week that stablecoins are vulnerable to moves by investors because they are backed by assets that can lose value or lose liquidity during market stresses.
Previously, the price of Bitcoin and the top cryptocurrencies could finally go green on the morning of Wednesday, May 18, 2022. Today, the price of the cryptocurrency, the main trade, rose slightly and then dropped. Red.
According to Coinmarketcap data, as of the morning of Wednesday, May 18, 2022, Bitcoin (BTC), the cryptocurrency with the largest market cap, was up 1.31% over a 24-hour period, but still down 0.50% during the week.
Bitcoin’s current price is $30,523.56 per coin, or IDR 446.5 million (assuming an exchange rate of IDR 14,630 per dollar).
Ethereum (ETH) is also showing a bit of strength. In the last 24 hours, ETH has increased 2.26%. However, it’s still down 9.32% for the week. However, ETH is currently priced at $2,088.73 per coin.
Binance Coin, the next cryptocurrency, is also on the rise. Over the past 24 hours, the BNB exchange rate has increased 1.31%, but has fallen 3.05% during the week. This puts the price of BNB at $304.81 per coin.
Then Cardano (ADA) edged up. On December 1, ADA was up 0.90%. However, it’s still down 7.60% for the week. So the ADA price is $0.5758 per coin.
Meanwhile, Solana (SOL) swept Red Velvet today. Over the past day, SOL was up 2.74%, but this week it was down 12.49%. The current price of SOL is $56.74 per coin.
XRP also managed to rebound. Over the last day, XRP is up 1.43%. However, it’s still down 13.80% for the week. In this way, the price of XRP is now $0.4356 per coin.
The fate of Terra (LUNA) is still very worrying after his case was released last week. Tera is still down 7.94% in the last 24 hours and 100% in the week. Terra is currently priced at $0.0001835 per coin.
Stablecoins Tether (USDT) and USD Coin (USDC) are both up 0.02% on the day. USDT is $0.9999, USDC is $1.00.
Binance USD (BUSD) is up 0.02% in the last 24 hours. The BUSD price is currently stable at $1.00 per coin.
While being a Terra stablecoin, Terra USD (UST) has increased 17.14% in the last 24 hours. The price is at the level of 0.1332 USD.