- Terra buys one other 2,943 BTC, value about $139 million, for its UST reserve.
- Terraform Labs CEO mentioned that the corporate is trying to turn into the second-largest holder of bitcoin after Satoshi.
- UST has skilled a number of development not too long ago, with over a YTD market cap development of 55%.
The Luna Basis has bought a further 2,943 BTC, value about $139 million, for its UST reserve. The bitcoin address for the Luna Basis Guard (LFG) exhibits the acquisition, and that the full BTC now stands at over 30,000.
The Luna Basis Guard has mentioned up to now that it’s contemplating buying as a lot as $10 billion value of BTC for its UST stablecoin reserve. At present, that determine is slightly below $1.5 billion.
Terraform Labs co-founder Do Kwon mentioned that he expects the corporate to turn into the second-largest holder of bitcoin, outdoors of Satoshi Nakamoto. That may be a tall order and would require Terraform Labs to purchase way more bitcoin. However it seems that they’re decided to take action by latest purchases.
In a recent interview, Do Kwon spoke on a number of topics associated to the undertaking, DeFi, and stablecoins. Speaking in regards to the latter, he mentioned that stablecoins are vital as a result of individuals desire to make use of fiat forex, saying,
“Stablecoins are necessary as a result of they facilitate a ton of various transactions that risky currencies like luna, solana, or bitcoin can’t… Stablecoins in the present day are, for my part, the strongest software and use case in all of crypto.”
And UST’s development seems to be mirroring that sentiment. The stablecoin has made super progress up to now six months, and will even problem a number of the market’s most entrenched stablecoins.
Can UST Problem Different Stablecoins?
UST is a stablecoin that has had its justifiable share of controversies. Many out there don’t imagine that the LUNA and UST relationship is sustainable. This even led to Do Kwon accepting a $10 million and $1 million wager from a market investor, who mentioned that LUNA’s worth could be down from its present valuation a 12 months from now.
However the market cap of UST has risen exponentially in latest months. Yr thus far, that determine has gone up by 55%, in comparison with solely 5.7% of DAI, which is without doubt one of the market’s hottest stablecoins. DAI has a market cap of $9.2 billion and UST has a market cap of $16.3 billion.
It is just in latest months that UST has picked up so considerably. After it grew to become probably the most staked asset attributable to excessive rewards, LUNA’s worth rose by over 23%. These sorts of headlines are fueling extra funding within the asset and, with extra developments across the nook, that determine may go even increased.
