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Today’s depeg comes after the Luna Foundation Guard (LFG) announced Sunday night that $1.5b of its massive bitcoin reserves would be “loaned” out to professional market makers to proactively defend UST’s dollar peg.
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Monday's events were "the biggest stress test the system has ever faced," José Maria Macedo – a partner at Delphi Digital and an LFG council member who helps manage the group's reserves – told CoinDesk. But he added that the UST-LUNA market cap flip is not a cause for concern because of LFG's reserves.
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