- The Luna Foundation Guard has actually purchased an extra 37,863 Bitcoin worth $1.5 billion
- The purchase remains in line with Do Kwon’s objective of support UST with digital possession reserves worth $10 billion
- The Luna Foundation Guard now holds 80,394 BTC
The Luna Foundation Guard has actually gotten an extra 37,863 Bitcoin worth $1.5 billion to even more back its popular stablecoin of UST.
The current purchase of Bitcoin was performed in 2 deals: $1 billion with Genesis Trading and $500 million worth of Bitcoin through 3 Arrows Capital (3AC). With this purchase, the Luna Foundation Guard now holds 80,394 Bitcoin worth an approximated $3.2 billion at the time of composing.
UST is Attempting to Observe the Bitcoin Standard – Do Kwon
The current purchase of $1.5 billion worth of Bitcoin remains in line with the vision of Terra’s creator, Do Kwon, of support TerraUSD (UST) with $10 billion worth of BTC and other digital properties.
Mr. Kwon even more elaborated his vision to CNBC by specifying ‘For the first time, you’re beginning to see a pegged currency that is trying to observe the bitcoin requirement. It’s making a strong directional bet that keeping a great deal of those foreign reserves in the type of a digital native currency is going to be a winning dish.’
He likewise included that time is the only aspect delegated check out the TerraUSD (UST) job. Additionally, the stablecoin job is especially crucial offered ‘that we live in a time where there’s excess cash printing throughout the board and when financial policies extremely politicized that there are people that are self-organizing to attempt to bring systems back to a sounder paradigm of cash.’
TerraUSD (UST) Makes an Entry into Coinmarketcap’s Top 10
At the time of composing, TerraUSD (UST) is ranked tenth on Coinmarketcap with a market capitalization of $18.683 billion. UST is likewise now likewise ranked 3rd in the stablecoin classification after Tether ($83.154 billion) and USDC ($48.7 billion). It has actually likewise eclipsed Binance USD (BUSD) which has a market capitalization of $17.8 billion.