The Terra protocol has seen a significant rise in the amount of TerraUSD(UST) issued. According to the Luna Foundation Guard, an organisation designed to support the Terra ecosystem and stabilising the value of its assets, the protocol has reached peak issuance of UST for several days as demand for the decentralised, dollar-pegged stablecoin has increased.
The Luna Foundation Guard claimed that individuals seeking UST were heading to secondary marketplaces. Curve is a decentralised finance system that specialises in trading stablecoins and pegged tokens with very little slippage.
Additionally, the foundation said that the revenues of this exchange would be utilised to acquire additional bitcoin in order to increase the reserve that the organisation keeps in order to stabilise the value of UST in the case of market instabilities. The decentralised forex reserve was announced on February 23rd, with a $1 billion token sale sponsored by VC firms such as Jump Crypto & Three Arrows Capital, Defiance Capital, Republic Capital, GSR, and Tribe Capital.