According to Mars Finance, Initia officially stated that, with support from the Initia Foundation, the 1:1 asset backing for assets affected by the security incident on October 23 will be fully restored when the chain resumes operation. The Initia Foundation has approved funding to cover the reserve shortfalls for Noble USDC, WETH, and AUSD0 used as collateral for iUSD, with maximum amounts of up to 1.08 million USDC, 105 ETH, and 1.4 million AUSD0, respectively. The exact amounts are still subject to verification and final transfer approval.
Initia Foundation Approves Funding to Cover iUSD Collateral Shortfall
MarsBitShare
Summary
The Initia Foundation has approved funding to cover the iUSD collateral shortfall, with a focus on altcoins to watch. The initiative includes up to 1.08 million USDC, 105 ETH, and 1.4 million AUSD0 to replenish Noble reserves. Funding rates will be verified prior to final approval. The assets will serve as collateral for Noble USDC, WETH, and AUSD0.
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