What Luna Does With $500 Million Bitcoin

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Luna Foundation Guard (LFG) has bought over 11,700 BTC worth roughly $520 million so far this week to build a bitcoin reserve to support its stablecoin, TerraUSD (UST). While many in the Bitcoin community were quick to point out that the project is fundamentally different than those built upon on-chain bitcoin, such a significant purchase of BTC had undeniable impact on the Bitcoin ecosystem and, quite possibly, the price.

LFG is a non-profit organization based in Singapore that works to cultivate demand for Terra’s stablecoins and “buttress the stability of the UST peg and foster the growth of the Terra ecosystem.”

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