The Luna Foundation Guard (LFG) announced Thursday that it will buy $100 million AVAX tokens from the Avalanche foundation to boost its stablecoin Terra (UST) reserves.
LFG bought $231 million in bitcoin the day before. But this appears to be the first time LFG is buying in another cryptocurrency, although the amount of AVAX bought is much less than bitcoin, making LFG a major buy in the AVAX marketplace.
“Welcome $AVAX is a crypto asset next to $BTC as part of the $UST Reserve,” LFG wrote on Twitter. @avalancheavax It is the entry point for a variety of Layer 1 assets that help support $UST.”
LFG plans to buy $3 billion worth of bitcoin. as a reserve to support UST, which has an estimated market capitalization of $16.7 billion and is the fourth largest stablecoin.
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