🛡UST de-peg coverage update🛡 Dear community, we have been monitoring the UST de-peg situation and in preparation for the legible claims. As stated in cover policy - 1️⃣"De-pegging: when insured assets, e.g. UST, trade below $0.85 on a 5 day time weighted average price. Policyholders can exchange any amount of insured UST to the collateral stable coin, USDC." 2️⃣UST dropped below 0.8 on May 10th, reference https://www.coingecko.com/en/coins/terra-usd/historical_data#panel 3️⃣Once the 5 days condition triggers, current policyholders are eligible for payout. 4️⃣Policyholders who purchased the coverage before May 10th will be valid. Since new purchases take one week to become effective, purchases after May 10th are not valid and won’t be charged. UST coverage purchase will be temporarily paused. 5️⃣In preparation for the claim process, we have collected the eligible policyholders’ addresses with coverage purchase records. There is a small amount of purchased coverage (~10% of the collateral pool). 6️⃣Policyholders are required to exchange UST for USDC up to the covered amount.