Luna Foundation Guard (LFG) which is based in Singapore, did make another purchase of Bitcoin which worth $1.5 billion for its UST stablecoin reserve.
Luna Foundation Guard did raise the funds through a $1B over-the-counter swap with cryptocurrency broker Genesis as well as a $500M Bitcoin worth purchase from hedge fund manager Three Arrows Capital. According to CNBC on Thursday.
The LFG did buy $100 million of Bitcoin BTC in April, after the latest purchase, the UST algorithmic stablecoin reserve now holds around $3.5B in Bitcoin, which made it one of the top 10 Bitcoin holders globally.
Do Kwon, the Terraform Labs CEO and co-founder, did announce back in March many plans of raising $10B of Bitcoin as collateral for UST.
According to a statement from Do Kwon:
“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”.
Bitcoin is trading in red by the time of writing this article at the price of $35,842.79.
