SCOOP: Luna Foundation Guard seeks more than $1 billion to shore up UST stablecoin: sources by fintechfrank
The Luna Foundation Guard has been reaching out to large crypto investors in the hope of raising over $1 billion to shore up the embattled UST stablecoin, according to three sources with knowledge of the process.The Luna Foundation Guard , a Singapore-based non-profit that supports the Terra blockchain ecosystem, is looking to raise more than $1 billion to shore up the UST algorithmic stablecoin after it lost parity with the US dollar, according to three sources familiar with the situation.
The group is now looking to raise fresh capital from some of the industry’s largest investment firms and market makers, according to the sources. The deal, currently being negotiated, offers investors the opportunity to purchase LUNA tokens at a 50% discount, although those tokens would be subject to a two-year vesting schedule.
Yet critics say the success of this operation depends on the strength of LUNA's price and on its key DeFi platform, Anchor, continuing to produce an up to 20% yield to incentivize liquidity.
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