TechFlow news — On March 30, Terra founder Do Kwon said in a recent interview with Fungible Times that algorithmic stablecoins are the only way to create internet-native money, but external asset reserves such as Bitcoin are currently also needed.
Additionally, Do Kwon explained that his reason for increasing UST's Bitcoin reserves to $10 billion was because Terra's goal is to become the world's largest single holder of BTC outside of Satoshi Nakamoto. "In this scenario," he said, "the failure of UST would be equivalent to the failure of crypto itself."
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