Share this article
Foundation Focused on UST Stablecoin Raises $1B in LUNA Sale
The fresh funding will go toward a new reserve to help strengthen the peg for the UST stablecoin.
By Helene Braun
Updated May 11, 2023, 6:17 p.m. Published Feb 22, 2022, 10:19 p.m.
Singapore-based Luna Foundation Guard (LFG), a nonprofit organization supporting the growth of the Terra ecosystem, has raised $1 billion through the sale of LUNA, the native token of the Terra blockchain.
The funding will go toward building a bitcoin-denominated foreign-exchange reserve for UST, an algorithmic-based stablecoin in the Terra ecosystem, according to a statement.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The funding round, which ranks among the largest in crypto history, was led by Jump Crypto and Three Arrows Capital, with participation from DeFiance Capital, Republic Capital, GSR Ventures and Tribe Capital, among others.
According to Luna Foundation Guard, the UST Forex Reserve aims to strengthen and protect the peg of the UST stablecoin, which is algorithmic-based, meaning that it relies on market incentives as opposed to being backed by collateral to maintain its price, like Tether and Circle are.
“Although the widespread adoption of UST as a consistently stable asset through market volatility should already refute this, a decentralized Reserve can provide an additional avenue to maintain the peg in contractionary cycles that reduces the reflexivity of the system,” Terra wrote in a tweet.
Terra has set tongues wagging recently. Earlier this month, the Terra network spent $40 million on a sponsorship for the Washington Nationals baseball team. And last week, a U.S. District Court judge in New York orders Terraform Labs and CEO Do Kwon to comply with subpoenas that the U.S. Securities and Exchange Commission had issued.
The price of LUNA was up 3.5% over the past 12 hours, outperforming the otherwise red-dominated crypto market on Tuesday.
The news was earlier reported by The Block.
Mehr für Sie
Was Sie wissen sollten:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Mehr für Sie
Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
Was Sie wissen sollten:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
Top Stories
