Luna Foundation Guard Bought $1.5 Billion in Bitcoin
With the recent BTC purchase of almost $1.5 billion, the Luna Foundation Guard continues to support its stablecoin.
Luna Foundation Guard (LFG) has purchased $1.5 billion in Bitcoin for its UST stablecoin reserve, the latest in a series of purchases by LFG.
A $1 billion OTC swap with cryptocurrency broker Genesis and a $500 million bitcoin acquisition from hedge fund manager Three Arrows Capital were reported by CNBC on Thursday (May 5, 2022).
LFG purchased $100 million worth of BTC in April. One of the world’s top 10 Bitcoin hoarders, the UST algorithmic stablecoin reserve currently possesses about $3.5 billion after the recent acquisition.
A Terraform Labs co-founder and CEO named Do Kwon revealed in March that he was planning to raise $10 billion in BTC as collateral for UST (United States Trust). Do Kwon’s objective is to do this by the end of the third quarter of 2022.
“For the first time, you’re beginning to see a pegged currency that is aiming to obey the bitcoin standard,” Do Kwon said in a statement. When it comes to foreign currency reserves, it’s betting heavily that maintaining them as a digital local currency is the best way to proceed.