Luna Foundation Guard votes to raise additional $372 million collateral

The Luna Foundation Guard (LFG) has announced a plan to burn 4 million Terra (LUNA) coins — currently worth $365 million — to mint about 372 million TerraUSD (UST), which will be used to purchase “exogenous collateral.”

Established as a non-profit in January, LFG recently sold $1 billion worth of LUNA to acquire bitcoin as reserve backing for the TerraUSD (UST) stablecoin.

According to LFG, once the burn is complete, the Foundation will hold about $2.2 billion in non-LUNA reserves while still holding 8 million Terra coins for future growth.

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