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Benzinga
Benzinga
Business
Adrian Zmudzinski

FOUND: Terra founder wants to save terrausd as reports suggest he was behind the basis cash failed stablecoin - What They Never Told You

Terra (CRYPTO: LUNA) founder Do Kwon announced plans to attempt to save his unstable stablecoin TerraUSD (CRYPTO: UST) while some are suggesting he was also behind failed stablecoin Basis Cash (CRYPTO: BAC), which is now worth under $0.005.

What Happened: After TerraUSD struggled to regain dollar parity after falling under $0.03 on Wednesday, Kwon explained in a tweet that the supply is being absorbed by burning it in exchange for $1 of Terra — but market pressure drove the spread of the mechanism to 40%, slowing it down.

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