Summary:
- The Luna Foundation Guard has purchased a further 37,863 Bitcoin price $1.5 billion
- The buy is consistent with Do Kwon’s purpose of backing UST with digital asset reserves price $10 billion
- The Luna Foundation Guard now holds 80,394 BTC
The Luna Foundation Guard has acquired a further 37,863 Bitcoin price $1.5 billion to additional again its in style stablecoin of UST.
The current buy of Bitcoin was carried out in two transactions: $1 billion with Genesis Trading and $500 million price of Bitcoin by 3 Arrows Capital (3AC). With this buy, the Luna Foundation Guard now holds 80,394 Bitcoin price an estimated $3.2 billion on the time of writing.
UST is Attempting to Observe the Bitcoin Standard – Do Kwon
The current buy of $1.5 billion price of Bitcoin is consistent with the imaginative and prescient of Terra’s founder, Do Kwon, of backing TerraUSD (UST) with $10 billion price of BTC and different digital property.
Mr. Kwon additional elaborated his imaginative and prescient to CNBC by stating ‘For the first time, you’re beginning to see a pegged forex that’s making an attempt to observe the bitcoin normal. It’s making a powerful directional guess that protecting loads of these international reserves within the type of a digital native forex goes to be a profitable recipe.’
He additionally added that point is the one component left to check out the TerraUSD (UST) mission. Additionally, the stablecoin mission is especially necessary given ‘that we live in a time where there’s extra cash printing throughout the board and when financial insurance policies extremely politicized that there are residents which can be self-organizing to attempt to convey methods again to a sounder paradigm of cash.’
TerraUSD (UST) Makes an Entry into Coinmarketcap’s Top 10
At the time of writing, TerraUSD (UST) is ranked tenth on Coinmarketcap with a market capitalization of $18.683 billion. UST can be now additionally ranked third within the stablecoin class after Tether ($83.154 billion) and USDC ($48.7 billion). It has additionally eclipsed Binance USD (BUSD) which has a market capitalization of $17.8 billion.
