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    Gate.io Blog Daily Flash | UST broke down seriously, and LUNA dropped nearly 60% in 24 hours;The Fed emphasizes the risk of stablecoin runs and intends to intervene in supervision

    Daily Flash | UST broke down seriously, and LUNA dropped nearly 60% in 24 hours;The Fed emphasizes the risk of stablecoin runs and intends to intervene in supervision

    10 May 12:41



    Today's Topic - UST broke down seriously, LUNA dropped nearly 60% in 24 hours, and the BTC address balance of LFG Foundation was cleared.


    On May 10, UST has fallen to $0.75, the lowest to $0.62, and has broken down seriously. LUNA fell to $27, down more than 60% in 24 hours. According to data monitoring, Luna Foundation Guard (LFG) of Terra ecosystem non-profit organization withdrew 28,205.5 Bitcoins again at 09:20:26, and the balance of the address was cleared as of the time of sending the document.

    The day before yesterday, Do Kwon, founder of Terra, tweeted that the LFG Council had just voted to deploy $1.5 billion ($750 million for BTC and $750 million for UST) to alleviate market concerns about UST.

    Do Kwon further added: First, LFG does not intend to exit its Bitcoin position. The goal is to let professional market makers master these funds. If the price is less than the anchor price, they will buy UST. If the price is greater than or equal to the anchor price, they will buy BTC, so as to significantly strengthen the liquidity around the anchor price of UST.

    Previously, LFG tweeted that the LFG Council had voted to implement the following measures: 1. Lending a $750 million BTC to an OTC trading company to help protect the UST anchor price; 2. Loan $750 million of UST to accumulate BTC when market conditions normalize.

    Are you still optimistic about LUNA?



    Today's Chart - The on-chain DeFi lock-up volume of Terra fell to $12.9 billion, representing a decrease of 44.39% in recent 24 hours



    According to DefiLlama data, the on-chain DeFi lock-up volume of Terra has fallen to $12.9 billion, representing a decrease of 44.39% in recent 24 hours. Presently, the downward trend is still continuing.

    Currently, the top three in the on-chain DeFi lock-up Terra volumesare: Anchor ($7271.287 billion, representing a decrease of 43.79% in recent 24 hours), Lido ($3.07 billion, representing a decrease of 43.16% in recent 24 hours) and Astroport ($490 million, Astroport a decrease of 59.53% in recent 24 hours).



    Today's Influencer - the Federal Reserve stressed the risk of running on stablecoins in its financial stability report


    On May 10, the Federal Reserve stressed the risk of the stablecoin market operation in its newly released financial stability report. The report said that some types of money market funds (MMFs) and stablecoins are still easy to run, and the financing risk of domestic banks in the United States is low, but some money market funds, bond funds and stablecoins still have structural vulnerabilities.

    As early as January, Fed researchers published a study on the risks and benefits of stablecoins. The research report said that if Congress does not enact new laws for the industry, the financial stability supervision commission may intervene to supervise the stablecoins.

    Previously, the price of UST fell to $0.62 today, representing a breakdown of nearly 40%.



    Hot events yesterday - #The market enters a bear market, #instagram supports multi-chain NFTs




    The Cardano founder stated that the current market has officially entered a bear market





    Instagram will support NFTs of the following chains: Ethereum, Polygon, Solana and Flow




    LUNA deployed $1.5 billion to support UST




    Bitcoin broke $35000 low for the first time this year



    US Treasury: North Korea's Blender.io will be added to the sanctions list



    Author: Gate.io Researcher: Byron B. Translator: Joy Z.
    * This article represents only the views of the researcher and does not constitute any investment advice.
    *Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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