Why Bitcoin? Terra co-founder stablekwon gives the reason BTC was chosen as the collateral asset of choice for the world‘s biggest decentralized stablecoin, TerraUSD.
to Bloomberg on Monday, Do Kwon, co-founder of Blockchain protocol Terra, pledged to continue buying BTC to back the firm‘s stablecoin, TerraUSD .Terra has made waves inside and outside the crypto community in recent weeks thanks to its massive Bitcoin buys.
In his latest comments, however, Kwon went even further, saying that as long as UST is minted, Terra will keep buying BTC to back it. “I‘ve already donated money so that we can build up these reserves on behalf of the community and we plan to be doing this in perpetuity, so the $3 billion or so that we‘re buying initially to bootstrap the reserves is going to be followed up by [...] persistent buys of Bitcoin through UST seniorage [...] every time UST is minted, there will be new bitcoin that is added to the reserves.”
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