The co-founder of Ethereum challenger Terra (LUNA) says that the crypto mission plans to maintain stacking BTC till its stash is second solely to Satoshi, Bitcoin’s nameless founder.
In a brand new interview on the Unchained Podcast, Terraform Labs CEO Do Kwon explains the plan to build up the highest crypto asset by market cap in an effort to again Terra’s native stablecoin, TerraUSD (UST).
Kwon says that UST being backed by BTC would assist buyers belief in the stablecoin when Terra expands to different blockchains.
“Terra’s objective is to be the biggest decentralized cash in crypto, interval. Its objective is to not be the biggest stablecoin in the Terra blockchain, so we’re type of increasing into let’s say the Solana ecosystem, Avalanche, Ethereum, Polygon. We plan to be all over the place the place there are builders and customers.
Now the factor is, totally different from rising stablecoin demand in the Terra ecosystem itself the place belief in UST is extraordinarily excessive – if you go to increase into these totally different ecosystems, then religion in LUNA’s collateral health is lots lower than what it’s like in the Terra ecosystem.
But you probably have Bitcoin as collateral, then no one actually questions it as a result of it’s the apex.”
According to Kwon, Terra plans to hoard $10 billion price of BTC in order to develop into 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 introduced Terra’s plan to amass BTC earlier this month.
Bitcoin is exchanging arms at $47,269 at time of writing, a 1.7% drop in the day whereas Terra is buying and selling for $105.11, additionally a 1.7% drop throughout the identical timeframe.
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