- The Luna Basis Guard has purchased one other 37,863 Bitcoin value $1.5 billion
- The acquisition is consistent with Do Kwon’s purpose of backing UST with $10 billion value of digital asset reserves
- The Luna Basis Guard now holds 80,394 BTC
The Luna Basis Guard has acquired a further 37,863 bitcoins value $1.5 billion to additional help their standard stablecoin UST.
The latest buy of bitcoin was made in two transactions: $1 billion with Genesis Buying and selling and $500 million value of bitcoin via Three Arrows Capital (3AC). With this buy, the Luna Basis Guard now holds 80,394 Bitcoin valued at an estimated $3.2 billion on the time of writing.
UST tries to adjust to the Bitcoin normal – Do Kwon
The latest buy of $1.5 billion value of Bitcoin aligns with Terra’s founder Do Kwon’s imaginative and prescient to again TerraUSD (UST) with $10 billion value of BTC and different digital property.
Mr. Kwon additional defined his imaginative and prescient to CNBC by saying, “For the primary time you see a pegged foreign money making an attempt to evolve to the Bitcoin normal. It’s a robust directional wager that holding many of those FX reserves within the type of a local digital foreign money will likely be a profitable system.’
He additionally added that point is the one remaining aspect to check the TerraUSD (UST) mission. As well as, the stablecoin mission is especially vital as we dwell in a time when extra cash is being printed in every single place and financial coverage is extremely politicized that there are residents organizing themselves to try to restore the techniques deliver cash to a extra stable paradigm.’
TerraUSD (UST) enters the highest 10 by Coinmarketcap
On the time of writing, TerraUSD (UST) ranks 10th on Coinmarketcap with a market cap of $18.683 billion. Additionally within the stablecoin class, UST now ranks third after Tether ($83.154 billion) and USDC ($48.7 billion). It has additionally eclipsed Binance USD (BUSD) with a market cap of $17.eight billion.