Luna Foundation Guard Doubles UST Reserves to Over 80k BTC

Luna Foundation Guard

Luna Foundation Guard has announced a purchase of additional 37,863 bitcoins valued at $1.5 billion at the current price, doubling reserves to 80,394 BTC.

The purchase was made in two transactions, including a $1 billion OTC swap from crypto prime broker Genesis for $1 billion in UST. The second was $500 million from crypto venture capital firm Three Arrows Capital.

The announcement comes amid experts that conventional finance will use bitcoin as a reserve currency in the future.

The UST tokens have surged in popularity since LFG started amassing the reserves. The network’s co-founder Do Kwon says that the UST would be backed by $10 billion worth of bitcoin in the future.

Stablecoins continue to surge in popularity in the cryptocurrency space. Tron’s founder Justin Sun announced that the network’s USDD would be backed by $10 billion in BTC and other cryptos.

LUNA Foundation Guard is the entity behind Terra Blockchain, the issuer of dollar-pegged stablecoins UST and native token LUNA.

Source: Zycrypto

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