Hi HODLers,
Another day, another crazy news. This one does not need much introduction.
$UST the biggest decentralized coin ou there just threw out a bomb in the crypto space!
Terra Do Kwon has outlined plans to accumulate a whopping $10 billion worth of Bitcoin (BTC) to add to the project’s stablecoin reserves.
When contacted by press agencies, the founder simply responded:
“I don’t understand the distinction, We’re already buying Bitcoin.”
There has been some debates about the long term backing behind Terra stablecoin $UST.
Terraform Labs (TFL) just donated 12 million LUNA to the Luna Foundation Guard LFG on Friday (worth around $1 billion at current prices).
Kwon said this could be repeated and that “growing reserves until it becomes mathematically impossible for idiots to claim de-peg risk for UST.”
I like the idea of a Stablecoin partly backed by Bitcoin reserve!
Stay safe out there,
