Terra buys $200M in AVAX for reserves as rival stablecoins emerge

Terra has purchased $200M in AVAX to strengthen its UST reserves while Near Protocol is reportedly releasing a rival stablecoin called USN.

Terraform Labs and the Luna Foundation Guard have announced they have purchased a combined $200 million worth of AVAX tokens from the Avalanche Foundation.

These purchases are meant to reinforce the stability of Terra’s native UST stablecoin, which currently has a market cap of $16.7 billion. “Avalanche is still a growing ecosystem — a lot of it is fueled by loyalty to the AVAX token and users feel a lot of affinity with an asset that aligns itself with AVAX…whereas for the average Ethereum user, aligning yourself with Ether doesn’t really mean that much.”the position of UST, competitors are looking for new ways to dethrone the stablecoin.

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