GAM refutes claims it has entered negotiations to prop up Luna stablecoin

James Baxter-Derrington
clock • 2 min read
GAM refutes claims it has entered negotiations to prop up Luna stablecoin

Swiss asset manager GAM has denied claims it has entered negotiations with Terraform Labs in order to support the Luna stablecoin. A press release purporting to come from the fund house was issued at 2300 BST yesterday (12 May), alleging the manager had entered negotiations to invest between $2-3bn in order to burn excess supply of the UST stablecoin, as it is dumped in what some have said resembles a bank run. The release added that GAM intended to help Terra re-establish the UST peg back...

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