{"id":21119,"date":"2022-03-17T07:00:16","date_gmt":"2022-03-17T06:00:16","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=21119"},"modified":"2022-03-17T07:00:26","modified_gmt":"2022-03-17T06:00:26","slug":"terra-founder-moves-to-acquire-10-billion-btc-for-reserves","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/terra-founder-moves-to-acquire-10-billion-btc-for-reserves\/","title":{"rendered":"Terra Founder Moves To Acquire $10 Billion BTC For Reserves"},"content":{"rendered":"\n
Kwon further stressed that TerraUSD (UST), which is backed by $10 billion or more in Bitcoin reserves, will “start a new monetary era of the Bitcoin standard.”<\/h5>\n\n\n\n
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Terra founder plans to acquire $10 billion BTC<\/figcaption><\/figure>\n\n\n\n

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Do Kwon, the founder of Terraform Labs (TFL) and Terra (LUNA), an Ethereum competitor, has revealed plans to amass $10 billion in Bitcoin (BTC) to add to the project's stablecoin reserves.<\/p>\n\n\n\n

Terra is a decentralized blockchain platform that specializes in the production of stablecoins. Terra USD (UST) is an algorithmic stablecoin linked to the US dollar, with the USD value maintained in part by an equivalent amount of Terra's native token LUNA.<\/p>\n\n\n\n

At this time, specific specifics are scarce, although Kwon stated on Twitter on March 14 that Terra<\/a> will not sell its native asset LUNA to expand its reserves, and that additional information will be released soon.<\/p>\n\n\n\n

Kwon further stressed that TerraUSD (UST), which is backed by $10 billion in BTC reserves, will “start a new monetary era of the Bitcoin standard.”<\/p>\n\n\n\n

He added, “P2P electronic cash that is easier to spend and more appealing to hold.”<\/p>\n\n\n\n

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When asked what the BTC reserves will be used for on Twitter, Kwon said the cash would be used to backstop short-term UST redemptions as well as a decentralized forex reserve.<\/p>\n\n\n\n

Kwon followed up with a tweet that said, “We start buying BTC and Twitter validates me, I see you Jack,” a tribute to Jack Dorsey, a Bitcoin bull and former Twitter CEO.<\/p>\n\n\n\n

Kwon has announced plans to strengthen the reserves underpinning Terra's stablecoin for the second time this month.<\/p>\n\n\n\n

Kwon stated that the project will keep “growing reserves until it becomes mathematically impossible for idiots to claim de-peg risk for UST” after TFL donated 12 million LUNA to the Luna Foundation Guard LFG on Friday (worth around $1 billion at current prices) to support the Terra ecosystem's growth and the sustainability of its stablecoins.<\/p>\n\n\n\n

The market capitalization of UST is present $32 billion, according to Coinmarketcap\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Kwon further stressed that TerraUSD (UST), which is backed by $10 billion or more in Bitcoin reserves, will “start a new monetary era of the Bitcoin standard.” Do Kwon, the founder of Terraform Labs (TFL) and Terra (LUNA), an Ethereum competitor, has revealed plans to amass $10 billion in Bitcoin (BTC) to add to the […]<\/p>\n","protected":false},"author":33,"featured_media":21122,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[149,6200,8168],"class_list":["post-21119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-btc","tag-terra-2","tag-terraluna"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/03\/shutterstock_2043805262-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/21119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=21119"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/21119\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/21122"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=21119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=21119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=21119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}