Tether’s commercial paper holdings have been reduced by 17% as the company seeks to improve the quality of its reserves.
In its Consolidated Reserves Report released Thursday, the company indicated that it had reduced its commercial paper holdings from USD $24.2 billion to USD $20 billion during the first quarter of 2021.
As of March 31, the end of the first quarter, Tether’s reserves were USD $82 billion of which 86% consisted of cash an…
Under a plan proposed by Do Kwon, the current chain would be renamed Terra Classic. The new chain would ditch the UST stablecoin.
The current chain would be renamed Terra Classic, and the new chain would ditch the UST stablecoin. Under a plan proposed by Do Kwon, the current chain would be renamed Terra Classic. The new chain would ditch the UST stablecoin.
Do Kwon, CEO of Luna/Terra, said that this was necessary to ensure that both chain…
Terra is taking emergency measures to save its ecosystem. The company announced today that it will be burning the equivalent of 1.4 billion USTs, and increasing Luna’s mintage rate by over 300%.
[ccpw id=”12733″]
[ccpw id=”12732″]
The move comes as a response to the precipitous decline in LUNA’s price, which has fallen almost 100% since last week. Terra’s stock price has plummeted as well, but CEO Astrid Reiner remains optimistic. “We’…
The crypto market has taken another hit with the price of a stablecoin that’s designed to be pegged to the U.S. dollar falling well below $1.
The UST-Stablecoin, which is backed by $3.5 billion in reserves, lost nearly half its value on Tuesday, plummeting as low as $0.64 before rebounding to around $0.90. The drop comes amid an overall downturn in crypto prices that includes bitcoin losing more than 50% of its value since the beginning of 2…
