Terra founder Do Kwon tweeted that the LFG Council just voted to deploy $1.5 billion in funding ($750 million in BTC and $750 million in UST) to ease market concerns around UST.
Do Kwon further added to this: First, LFG does not intend to exit itsBTC -0.34%-news/"> Bitcoin position. The goal is to put these funds in the hands of professional market makers in order to: 1. Buy BTC if price = peg, thereby significantly enhancing liquidity around the UST peg.
Earlier, LFG tweeted that the LFG Council has voted to implement the following measures:
- Lending $750 million worth of BTC to OTC trading firms to help secure the UST peg.
- 2. Lending $750 million in UST to accumulate BTC when market conditions normalize.