Summary: The Luna Foundation Guard has acquired an extra 37,863 Bitcoin worth$ 1.5 billion The purchase remains in line with Do Kwon’s objective of support UST with electronic asset gets 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 additionally back its popular stablecoin of UST. The current acquisition of Bitcoin was performed in 2 transactions:$1 billion with Genesis Trading as well as$500 million worth of Bitcoin through 3 Arrows Capital(3AC).
With this acquisition, the Luna Foundation Guard now holds 80,394 Bitcoin worth an estimated$3.2 billion at the time of creating. 2/ The OTC swaps consisted of 1 billion$UST for $1 billion worth of$BTC with Genesis, and the LFG acquired an added $500 million worth of BTC using 3AC. The acquired BTC brings the LFG’s overall holdings to ~ 80,394 Bitcoins.
LFG Luna Foundation Guard( @LFG_org )May 5, 2022 UST is Attempting to Observe the Bitcoin Standard – Do Kwon The recent acquisition of$1.5 billion well worth of Bitcoin remains in line with the vision of Terra’s creator, Do Kwon, of backing TerraUSD(UST) with$10 billion worth of BTC and various other electronic assets. Mr. Kwon even more ‘clarified his vision to CNBC by stating ‘ For the first time, you’re starting to see a pegged currency that is attempting to observe the bitcoin requirement. It’s making a strong directional bet that keeping a lot of those foreign books in the form of a digital indigenous money is going to be a winning dish.’
He additionally added that time is the only component entrusted to examine out the TerraUSD (UST) project. In addition, the stablecoin job is particularly vital offered ‘‘ that we live in a time where there’s excess cash printing throughout the board and also when monetary plans very politicized that there are people that are self-organizing to attempt to bring systems back to a sounder standard of cash.’
TerraUSD (UST) Makes an Entry right into Coinmarketcap’s Top 10
At the time of creating, TerraUSD (UST) is ranked tenth on Coinmarketcap with a market capitalization of $18.683 billion. UST is additionally now additionally ranked third in the stablecoin category 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.
UST now ranked 10th on Coinmarketcap