The Luna Foundation Guard has purchased a batch of 37,683 Bitcoin with a value of USD 1.5 billion to increase the US Terra reserves, its most in-demand stablecoin.
According to the Terraform Labs CEO, the foundation is looking to accomplish its aim of acquiring USD 10 billion worth of BTC by the beginning of Q4 of 2023. Until now, the foundation has a stockpile of close to USD 3.5 billion in BTC, making the UST reserve one of the biggest Bitcoin holders around the globe.
The new purchase was performed via a succession of OTC swaps, the first one being represented by a swap with Genesis worth USD 1 billion. The next acquisition involved USD 500 million worth of BTC following a transaction with Three Arrows Capital, a crypto hedge fund.
Terraform Labs’ CEO continued to say that this is the first occurrence of a pegged currency attempts to notice the Bitcoin standard. The move represents a strong bet on keeping foreign reserves in cryptocurrency as a recipe for success. The executive also acknowledged that, currently, money printing is operating at a surplus worldwide. His belief is that the politicization of monetary policies leads to citizens to self organize and push for restoring systems to a more reasonable paradigm.