According to the co-creator of Ethereum challenger Terra (LUNA), the crypto project intends to continue stacking BTC until it surpasses Satoshi, Bitcoin’s mystery inventor.
Terraform Labs CEO Do Kwon discusses the company’s intention to acquire the top crypto asset by market size in order to support Terra’s native stablecoin, TerraUSD, in a recent interview on the Unchained Podcast (UST).
According to Kwon, the fact that UST is backed by Bitcoin would increase investor confidence in the stablecoin as Terra extends to other blockchains.
“Terra’s mission is to be the world’s biggest decentralised money, period. Its objective is not to be the biggest stablecoin on the Terra blockchain, but rather to extend into other ecosystems like as the Solana, Avalanche, Ethereum, and Polygon. We want to be present everywhere developers and users congregate.
Now, unlike rising stablecoin demand inside the Terra environment, where confidence in UST is quite strong, when expanding into these other ecosystems, faith in LUNA’s collateral fitness is far lower than it is within the Terra ecosystem.
However, if you have Bitcoin as collateral, nobody doubts you since it is the pinnacle.” Terra intends to stockpile $10 billion worth of BTC in order to become the second-largest holder of the king cryptocurrency on the earth, according to Kwon.
“I believe that if we expanded out to $10 billion, the reason I want to go to $10 billion is that we would be the world’s biggest single Bitcoin holder, apart from Satoshi.”
Kwon originally revealed Terra’s acquisition of BTC earlier this month. At the time of writing, Bitcoin is trading at $47,269, down 1.7 percent on the day, while Terra is trading at $105.11, also down 1.7 percent on the day.