The co-founder of Ethereum competitor Terra (LUNA) said that they plan to buy BTC until the crypto project’s stash becomes the second largest after Bitcoin’s anonymous founder Satoshi. In a new interview with
Unchained Podcast, Terraform Labs CEO Do Kwon talked about his plan to amass the best crypto asset by market cap to support Terra’s stablecoin, TerraUSD (UST). Kwon says that UST being backed by BTC will help investors trust the stablecoin when Terra expands to other blockchains.
“Terra’s goal is to be the largest decentralized currency in crypto, period. Its goal is not just to become the largest stablecoin on the Terra blockchain. We plan to be wherever there are developers and users. The point now is that unlike the growing stablecoin demand in the Terra ecosystem itself, where trust in UST is extremely high – when you go to expand into these different ecosystems, faith in LUNA’s collateral eligibility is actually low. But if you have Bitcoin as collateral, then nobody really questions it because it is the pinnacle.”
According to Kwon, Terra plans to amass $10 billion worth of BTC to become the second largest owner of the leading cryptocurrency on the planet.
“I think if we go to $10 billion, the reason I want to reach $10 billion is because besides Satoshi, we will be the largest Bitcoin owner in the world.”
Kwon first announced Terra’s plan to acquire BTC earlier this month.
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