The Luna Foundation Guard has purchased an extra 37,863 Bitcoin value $1.5 billionThe buy is according to Do Kwon’s purpose of backing UST with digital asset reserves value $10 billion The Luna Foundation Guard now holds 80,394 BTC
The Luna Foundation Guard has acquired an extra 37,863 Bitcoin value $1.5 billion to additional again its fashionable stablecoin of UST.
The latest buy of Bitcoin was carried out in two transactions: $1 billion with Genesis Trading and $500 million value of Bitcoin by 3 Arrows Capital (3AC). With this buy, the Luna Foundation Guard now holds 80,394 Bitcoin value an estimated $3.2 billion on the time of writing.
UST is Attempting to Observe the Bitcoin Standard – Do Kwon
The latest buy of $1.5 billion value of Bitcoin is according to the imaginative and prescient of Terra’s founder, Do Kwon, of backing TerraUSD (UST) with $10 billion value 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 foreign money that’s making an attempt to observe the bitcoin commonplace. It’s making a powerful directional guess that preserving plenty of these overseas reserves within the type of a digital native foreign money goes to be a successful recipe.’
He additionally added that point is the one aspect left to take a look at out the TerraUSD (UST) undertaking. Additionally, the stablecoin undertaking is especially essential 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 are self-organizing to attempt to convey programs 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.