Terra CEO Do Kwon Reveals Plan To Add $10B Worth Bitcoin To Its Reserves
Terra (LUNA) announced plans to put together $10 billion worth of Bitcoin (BTC) to add to its reserves.
Terra is a DeFi blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Terra CEO, Do Kwon shared with his 248,000 Twitter followers that Terra will be one of the world’s largest stakeholders of BTC. He said that Terra having $10 billion in BTC reserves “will open a new monetary era of the Bitcoin standard.”
$UST with $10B+ in $BTC reserves will open a new monetary era of the Bitcoin standard.
P2P electronic cash that is easier to spend and more attractive to hold #btc
To a question what Terra will do with the BTC, Kwon replied that the it will be to “backstop short-term UST redemptions,” and to build a “decentralised forex reserve.” TerraUSD (UST) is Terra’s USD pegged stablecoin.
At the time of writing, Bitcoin is trading at $41,039, up 4.5% on the daily, while LUNA trades sideways at $88. UST is currently the third largest stablecoin, after USDT and USDC, with a market cap of over $15 trillion.
