Where is the bitcoin reserve that Terra created for UST?
Luna Foundation Guard, which had approximately $9.3million in reserve as of Monday, only 313 bitcoins remained. According to the firm, it will use $85 million of crypto assets (including some BNB and avalanche) to compensate UST users.
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Luna Foundation Guard stated that they are still evaluating different distribution methods. Updates will follow soon.
UST is also known as an “algorithmic stablecoin”. UST is different from USDC and tether, which have fiat assets in a reserve for their tokens. Instead, UST relies on a complex set code and a floating token called luna to balance supply and demand and stabilize the price.
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