Helio Protocol Starts Repurchasing and Burning $HAY to Recover Peg

Stablecoin protocol Helio released an update on Twitter regarding its plan to recover $HAY to be pegged, saying that the peg recovery process has started, and is expected to be completed by December 6th.

The team will repurchase the excess $HAY in the market and send it to a burn address. It expects $HAY to be re-pegged, or at least be close to $1.

In addition, Helio promised that it will take on any remaining bad debt through the use of its current and future revenue.

According to TokenInsight data, $HAY is trading at $0.924858 now.