The massive crypto stash is aimed at maintaining the stability of UST, the biggest decentralized stablecoin that is currently valued at $17.1 billion.
As reported by U.Today, Do Know, the co-founder of Terraform Labs, announced that he planned to buy up to $10 billion worth of Bitcoin, giving business intelligence firm MicroStrategy a run for its money.
While the designation of the funds is not clear for now, it is safe to assume that the nonprofit will use them to further increase its Bitcoin reserve.
Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.