UST stablecoins were used to buy $100 million in AVAX by the Luna Foundation Guard. Terraform Labs exchanged an additional $100 million in LUNA for the AVAX equivalent.
The two Terra blockchain supporters, Luna Foundation Guard (LFG) and Terraform Labs (TFL), have announced that they have collectively acquired $200 million worth of Avalanche’s AVAX tokens from the Avalanche Foundation,expanding crypto reserves beyond Bitcoin.
A spokesperson for Ava Labs says LFG purchased $100 million worth of AVAX tokens using its UST stablecoin in an over-the-counter (OTC) trade with the Avalanche Foundation.
Further, according to a Terra tweet, TFL, the company supporting development of Terra’s blockchain, has swapped $100 million in LUNA tokens for AVAX tokens in order to “strategically align ecosystem incentives.”
UST and LUNA are now held by the Avalanche Foundation at $100 million each.