Luna Foundation Acquires An Supplemental 37.8k Bitcoin Worth $1.5B, Bringing its Whole Holdings to 80,394 BTC

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Summary:

The Luna Foundation Guard has bought an further 37,863 Bitcoin really worth $1.5 billion
The acquire is in line with Do Kwon’s objective of backing UST with electronic asset reserves value $10 billion
The Luna Basis Guard now retains 80,394 BTC

The Luna Foundation Guard has obtained an added 37,863 Bitcoin truly worth $1.5 billion to additional again its popular stablecoin of UST.

The current purchase of Bitcoin was carried out in two transactions: $1 billion with Genesis Investing and $500 million truly worth of Bitcoin by 3 Arrows Money (3AC). With this buy, the Luna Foundation Guard now retains 80,394 Bitcoin truly worth an approximated $3.2 billion at the time of crafting.

2/ The OTC swaps provided 1 billion $UST for $1 billion worthy of of $BTC with Genesis, and the LFG procured an further $500 million worthy of of BTC via 3AC.

The acquired BTC brings the LFG’s overall holdings to ~80,394 Bitcoins.

— LFG | Luna Foundation Guard (@LFG_org) May well 5, 2022

UST is Attempting to Observe the Bitcoin Standard – Do Kwon

The new acquire of $1.5 billion truly worth of Bitcoin is in line with the vision of Terra’s founder, Do Kwon, of backing TerraUSD (UST) with $10 billion worthy of of BTC and other electronic belongings.

Mr. Kwon further elaborated his vision to CNBC by stating ‘For the 1st time, you’re setting up to see a pegged currency that is making an attempt to notice the bitcoin common. It is producing a potent directional bet that trying to keep a good deal of these international reserves in the type of a digital native currency is likely to be a successful recipe.’

He also added that time is the only element still left to examination out the TerraUSD (UST) venture. Furthermore, the stablecoin undertaking is notably essential presented ‘that we dwell in a time the place there is excessive revenue printing throughout the board and when monetary guidelines very politicized that there are citizens that are self-organizing to check out to convey methods again to a sounder paradigm of money.’

TerraUSD (UST) Helps make an Entry into Coinmarketcap’s Prime 10

At the time of producing, TerraUSD (UST) is rated tenth on Coinmarketcap with a marketplace capitalization of $18.683 billion. UST is also now also rated third in the stablecoin classification immediately after Tether ($83.154 billion) and USDC ($48.7 billion). It has also eclipsed Binance USD (BUSD) which has a market capitalization of $17.8 billion.