OIP-52: Add UST to the Treasury

Summary

Introduce ERC-20 variant of Terra USD (UST) as the next stable reserve asset in the form of reserve bonds with an agreement by Terra to purchase a $1m bond across a one month timeframe.

Background

OlympusDAO currently holds approximately $731,436,747 MV of treasury assets which is made up of: $401m in OHM-DAI, $85m in OHM-LUSD, $42m in OHM-ETH, and $34m OHM-FRAX, $80m LUSD, $75m DAI, and $13m FRAX. With OHM-LUSD and LUSD bonds depreciated, there is room for a new reserve asset that we can add to further diversify our treasury.

Proposal

• Introduce UST reserve bonds to diversify the treasury and hedge against centralized stablecoin risks. We will target 3.3% of our RFV to be UST. If we exceed 5% of our RFV, UST bonds will be shut off (similarly to LUSD) to promote healthy market growth.
• Allow for Terra to purchase a $1m bond to co-market both communities and establish a symbolic relationship.

Vote

For: Add UST to the Treasury via reserve bonds Against: Don’t add UST to the Treasury