Ethereum-challenger and stablecoin issuer Terra (LUNA) plans to accumulate a staggering $10 billion worth of Bitcoin (BTC) to add to its reserves, according to Do Kwon, the project’s founder and chief executive officer.
Kwon took to Twitter to tell his 248,000 followers that Terra will be one of the world’s largest stakeholders of BTC.
Terra is a decentralized finance (DeFi) blockchain payment network that aims to simplify transactions by using stablecoins.
Kwon also argues that Terra having $10 billion in BTC reserves “will open a new monetary era of the Bitcoin standard.”
“P2P [peer-to-peer] electronic cash that is easier to spend and more attractive to hold BTC.”
Backstop shortterm $UST redemptions
Decentralized forex reserve
— Do Kwon ? (@stablekwon) March 14, 2022
Says the chief executive officer,
“BTC thrives in chaos. An orange light to endure in the darkness — which UST will bring to millions.”
Bitcoin is trading at $40,926.08 at time of writing. The top-ranked crypto asset by market cap is up more than 5.7% in the past 24 hours while LUNA is exchanging hands at $89.30, a 5% drop on the day.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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