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Terra Backers Acquire $200M AVAX

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Terra Backers

Terra blockchain backers have accumulated some $200-million worth of Avalance tokens, with new stablecoins set to be released.

Source: CoinTelegraph

AVAX is up 1.98%, and UST up 0.04%.

Terraform Labs and the Luna Foundation Guard both acquired a combined $200-million worth of AVAX tokens from the Avalanche Foundation in a bid to boost the stability of Terra’s native stablecoin with a capitalization of $16.7 billion.

TFL — which developed the Terra blockchain — took to Twitter to say it swapped $100-million worth of Terra for AVAX, in line with its efforts to “strategically align ecosystem incentives.”

Nonprofit organization LFG, meanwhile utilized its own holdings of UST for the acquisition of another $100-million worth of AVAX. This comes as the firm is mandated to boost reserves for TerraUSD.

The acquisition comes as rival firms are reportedly set to release a stablecoin dubbed USN, which is said to offer a decentralized finance protocol that will give users a 20% annual percentage yield on their USN deposits.

 

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