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