The Luna Foundation Guard continues with BTC purchases to back its stablecoin, with the latest one worth roughly $1.5 billion.
Singapore-based Luna Foundation Guard made yet another bitcoin purchase of $1.5 billion in Bitcoin for its UST stablecoin reserve.on Thursday , LFG raised the funds through a $1 billion over-the-counter swap with cryptocurrency broker Genesis and a $500 million worth of bitcoin purchase from hedge fund manager Three Arrows Capital.. Following the latest purchase, the UST algorithmic stablecoin reserve now holds around $3.
5 billion in bitcoin, making it one of the top 10 BTC holders globally.$10 billion worth of BTC as collateral for UST. Do Kwon hopes to achieve this goal by the end of Q3 2022.“For the first time, you’re starting to see a pegged currency that is attempting to observe the bitcoin standard. It’s making a strong directional bet that keeping a lot of those foreign reserves in the form of a digital native currency is going to be a winning recipe.
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