Luna Foundation Guard Seeks More Than $1 Billion to Shore up $UST Stablecoin

Terra ecosystem nonprofit Luna Foundation Guard (LFG) is seeking to raise more than $1 billion from institutions to support $UST, according to The Block, which reports that the deal is being negotiated. In addition, Larry Cermak, director of research at The Block, tweeted that LFG is seeking approximately $1 billion to $1.5 billion in funding, with Jump Trading, Celsius, and Jane Street already committed to the funding with a commitment of approximately $700 million and Alameda Research yet to agree. Institutions will be able to purchase $LUNA spot at a 50% discount, with a one-year lock and monthly linear unlock after one year. Larry stressed that the financing has not been confirmed and is subject to change.