Crypto Shorts Daily News Bulletin

Terra founder Do Kwon shares plan to save the UST stablecoin peg

Mohak Agarwal

– After an 18-hour wait in which his coins Terra (LUNA) and TerraUSD (UST) endured a face-ripping freefall, Do Kwon has announced his rescue plan for the Terra community.
– In a nutshell, the decentralized stablecoin protocol UST has come up with a preliminary solution to its disastrous situation where its peg to the United States dollar has broken.
– The process should reinforce the burning of UST, which so far has been ineffective in achieving dollar parity for the stablecoin.
– In essence, the team will mint four times more UST than usual.
– The process of creating value out of thin air has already coined a new crypto term called Kwontative easing, or money printing.

Terra founder Do Kwon shares plan to save the UST stablecoin peg
Terra founder Do Kwon shares plan to save the UST stablecoin peg 2
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