Own stablecoin UST$10 billion to support Bitcoin (BTC) since the announcement that the reserve will be created Terra CEO Do Kwon became the agenda of the cryptocurrency market.
In this context BTC The CEO, who is frequently on the agenda with his purchases, announced last week that they will become the second largest Bitcoin owner after the inventor of BTC, Satoshi Nakamoto.
Much talked about with these statements Do Kwon In an interview with Bloomberg, any, including UST, stablecoin He said that if the stability with the dollar breaks down, the Bitcoin market can easily correct this situation.
Noting that the confidence in the crypto money market is increasing day by day, Terra CEO said:
“People need to believe more in cryptocurrencies. When we look at the Bitcoin market, it has a volume of more than 20 billion USD per day.
In this context, even if any stablecoin loses its stability against the dollar over time, Bitcoin reserves will be used to correct this deterioration.
I think the Bitcoins that will enter the market will be bought very easily.”
Why Terra Chose Bitocin to Support UST?
Terra CEO explains why his stablecoins are UST USDT and USDC When asked whether he prefers to support it with another stablecoin, the famous CEO said:
“The most important thing to remember about Terra is that it is a decentralized entity. This means that UST does not have an issuer.
However, if you were holding stablecoins like Tether USDT or Circle’s USDC as backing, then the person holding the most amount of these stablecoins would be subject to censorship.
This will not deliver what the decentralized stablecoin does.”
One of the best performing cryptocurrencies in the market since the start of Bitcoin purchases. Terra (LUNA), It is the seventh largest cryptocurrency with a market cap of $41 billion, according to CoinMarketCap data.
LUNAcontinues to trade at $117.97, up 4.11% in the last 24 hours.
*Not investment advice.