Terra Founder Plans to Raise $10 Billion in BTC Reserves to TerraUSD (UST)

Do Kwon, the founder of Terraform Labs (TFL) and Terra (LUNA), has outlined plans to accumulate $10 billion worth of Bitcoin (BTC) to increase the project’s stablecoin reserves.

At this stage, details are scarce, however, Kwon stated on Twitter on March 14 that Terra will not sell its original LUNA assets to create reserves. And there will be more information soon.

Kwon also emphasized that the stablecoin TerraUSD (UST) is backed with $10 billion in reserves plus reserves. BTC It will “open a new financial era of the Bitcoin standard”.

“P2P e-cash that is easier to spend and more reliable,” he added.

When a user on Twitter asked Kwon what his BTC reserves would be used for, he replied that the money would be used to support the short-term UST swap and for decentralized forex reserves

This is the second time this month that Kwon has outlined a plan to supplement Terra’s stablecoin reserves after TFL has donated 12 million LUNA to the Luna Foundation Guard LFG (worth roughly $1 billion at current prices) to support the cryptocurrency. Growing the Terra Ecosystem and Stablecoin Sustainability

Kwon concluded that the project would “Keep increasing the reserves until it becomes mathematically impossible for an idiot to claim the UST peg fall risk.”

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