Swiss independent asset manager GAM Holding has denied reports of talks with Terraform Labs to allocate financial assistance to support the algorithmic stablecoin UST. According to the company:
“This story is not true and we didn’t issue a press release. GAM strictly controls their distribution. We are investigating who the source of this statement was and how it was published.”
A press release was published on May 12 on behalf of the holding about the alleged intention to provide $2-$3 billion to absorb the excess supply of the coin to restore the peg to the US dollar.
GAM has offices in 14 countries with 605 employees and the company’s assets under management amount to 94.8 billion Swiss francs.
Remember that on May 10, the price of UST fell below the $1 level.
