The co-founder of Ethereum challenger Terra (LUNA) says that the crypto project plans to keep stacking BTC until its stash is second only to Satoshi, Bitcoin’s anonymous founder.
In a new interview on the Unchained Podcast, Terraform Labs CEO Do Kwon explains the plan to accumulate the top crypto asset by market cap in an effort to back Terra’s native stablecoin, TerraUSD (UST).
Kwon says that UST being backed by BTC would help investors trust in the stablecoin when Terra expands to other blockchains.
“Terra’s goal is to be the largest decentralized money in crypto, period. Its goal is not to be the largest stablecoin in the Terra blockchain, so we’re sort of expanding into let’s say the Solana ecosystem, Avalanche, Ethereum, Polygon. We plan to be everywhere where there are developers and users.
Now the thing is, different from growing stablecoin demand in the Terra ecosystem itself where trust in UST is extremely high – when you go to expand into these different ecosystems, then faith in LUNA’s collateral fitness is a lot less than what it is like in the Terra ecosystem.
But if you have Bitcoin as collateral, then nobody really questions it because it is the apex.”
According to Kwon, Terra plans to hoard $10 billion worth of BTC in order to become the second-largest holder of the king crypto on the planet.
“I think if we scaled out to $10 billion, the reason I want to get to $10 billion, is that besides Satoshi, we will be the largest single holder of Bitcoin in the world.”
Kwon first announced Terra’s plan to acquire BTC earlier this month.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Catalyst Labs