Cryptocurrency News

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

05/11/2022

Less than a minute

2022.05.11 16:01

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

Do Kwon, CEO of Terraform Labs, will not admit defeat. 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.

Terra is down 90% from its all-time highs, while the “stablecoin” UST is 75% below the dollar parity. But have no fear, cocky Kwon has planned “several remedial measures,” to rescue the billions wiped off the total Terraform Labs market cap.

05/11/2022

Less than a minute

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