2 years ago
Kwon besides bullishly emphasized that its stablecoin TerraUSD (UST) backed by $10 billion-plus successful BTC reserves volition “open a caller monetary epoch of the Bitcoin standard.”
66 Total views
4 Total shares
The laminitis of Terraform Labs (TFL) and Ethereum rival Terra (LUNA) Do Kwon has outlined plans to accumulate a whopping $10 cardinal worthy of Bitcoin (BTC) to adhd to the project’s stablecoin reserves.
Terra is simply a decentralized blockchain level that specializes successful stablecoin minting. Its Terra USD (UST) is an algorithmic stablecoin pegged to the worth of the U.S. dollar, with the USD worth partially maintained via an equivalent magnitude of its native token LUNA.
Specific details are sparse astatine this stage, nevertheless Kwon noted via Twitter connected March 14 that Terra volition not merchantability its autochthonal plus LUNA to physique its reserves, and that much accusation is coming soon.
Kwon besides bullishly emphasized that its stablecoin TerraUSD (UST) backed by $10 cardinal positive in BTC reserves volition “open a caller monetary epoch of the Bitcoin standard.”
“P2P physics currency that is easier to walk and much charismatic to hold” helium added.
$UST with $10B+ successful $BTC reserves volition unfastened a caller monetary epoch of the Bitcoin standard.
P2P physics currency that is easier to walk and much charismatic to clasp #btc
Cointelegraph reached retired to Kwon to spot if the plans were already successful motion, oregon it was conscionable an thought being floated astatine this stage, and the laminitis simply responded:
“I don’t recognize the distinction, We’re already buying Bitcoin.”When users connected Twitter asked Kwon what the BTC reserves volition beryllium utilized for, helium responded that the funds volition beryllium utilized to backstop short-term UST redemptions and for a decentralized forex reserve.
In a tweet soon after, Kwon besides noted that: “We commencement buying BTC and Twitter verifies me, I spot you Jack,” successful a motion to Jack Dorsey, who is simply a Bitcoin bull and erstwhile CEO of Twitter.
Related: LUNA flips Ethereum, becoming second-largest web for staked value
This is the 2nd clip this period Kwon has outlined plans to fortify the reserves backing Terra’s stablecoin.
After TFL donated 12 cardinal LUNA to the Luna Foundation Guard LFG connected Friday (worth astir $1 cardinal astatine existent prices) to enactment maturation of the Terra ecosystem and the sustainability of its stablecoins, Kwon outlined that the task volition support “growing reserves until it becomes mathematically intolerable for idiots to assertion de-peg hazard for UST.”
According to information from Coingecko, the marketcap of UST presently sits astatine $15.12 billion.
English (US) 