您现在的位置是:Terra adds to Bitcoin demand with $10B purchase plan >>正文
Terra adds to Bitcoin demand with $10B purchase plan
上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛627人已围观
简介Terra plans to buy and hold up to $10 billion worth of Bitcoin, a massive haul of the flagship crypt...
Terra plans to buy and hold up to $10 billion worth of Bitcoin, a massive haul of the flagship cryptocurrency that Terraform Labs says will be used to back the stablecoin TerraUSD (UST).
Instead of Terra holding cash reserves and other cash equivalents, it plans to hold enough BTC to back all the UST in circulation.
That, essentially, is the main script around Terra’s plan to purchase BTC worth up to $10 billion. CNBC ran a commentary on Terra early Tuesday.
Terra’s UST plans add to Bitcoin demand
On Monday, Terraform Labs founder and CEO Do Kwon revealed that the company had bought $135 million worth of BTC, bringing its Bitcoin purchases for 2022 to $1 billion.
In an earlier comment on the move to buy as much Bitcoin, Kwon said:
“UST with $10B+ in BTC reserves will open a new monetary era of the Bitcoin standard. P2P electronic cash that is easier to spend and more attractive to hold Bitcoin”
UST, like other stablecoins, is pegged 1:1 to the US dollar and has its value relatively stable even as markets experience huge volatility. However, this stablecoin wants to switch from being a decentralised, algorithmic currency backed by cash reserves and other equivalents, to one backed by Bitcoin.
And indeed one of the narratives that have pushed Bitcoin higher these past few days has been an aggressive accumulation by whales. Bitcoin jumped to highs above $48,000 on Monday, bringing its 30-day gains to over 20% and pushing its value into positive territory year-to-date.
Terra’s LUNA also gained big, breaking from around $90 this past week to hit highs above $106. Meanwhile, UST’s market cap rose to over $16 billion to make it the 14th largest crypto project.
Regulatory attention?
A CNBC report on Terra’s big bet on Bitcoin and UST says some analysts are warning this “might not sit well” with US regulators. This is because regulators have previously raised concerns over stablecoins and their potential to pose risks to the financial system.
And while Treasury secretary Janet Yellen recently said the US would look to provide a regulatory framework that aids crypto innovation, concerns about stablecoins remain.
In 2021, the SEC subpoenaed Terraform Labs and CEO Do Kwon, amid allegations of violations of US law. Kwon sued the SEC back and earlier this year, a US court ordered Terra to comply with the subpoenas.
Could UST attract more attention now? Possibly, according to analysts cited by CNBC, with any likely developments coming even as lawmakers look to hasten the development of a digital dollar.
Tags:
转载:欢迎各位朋友分享到网络,但转载请说明文章出处“上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛”。http://www.jz08.com.cn/news/241821.html
相关文章
Largest electric SOV debuts for offshore wind
Terra adds to Bitcoin demand with $10B purchase planBy subscribing, you agree to our Terms of Use and Policies You may unsubscribe at any time.Damen Shi...
阅读更多
Real Vision CEO Raoul Pal suggests Bitcoin's 'low is in'
Terra adds to Bitcoin demand with $10B purchase planRaoul Pal, the founder and CEO of Real Vision and Global Macro Investor, believes the crypto market...
阅读更多
Where to buy Ethereum: ETH bounces 25%
Terra adds to Bitcoin demand with $10B purchase planThe crypto market has bounced and is showing signs of a strong recovery, with Ethereum leading the c...
阅读更多
热门文章
- Homeland Security Hosts Competition For UI In Digital Wallets
- Grayscale CEO says GBTC will become ETF
- Leading Florida Pediatric Facility Adopts Blockchain For COVID
- Crowdsourced data trains robots with novel learning method
- Ethereum 2.0 Developer Says Time To End Testing And Launch
- IBM finally unveils quantum powerhouse, a 1,000+ qubit processor
最新文章
Drones with defibrillators are saving people from cardiac arrest
Natwest bank caps crypto exchange transactions
This robot cleans beach sand while leaving the landscape pristine
Scientists use measurement to study Quantum entanglement and teleportation
Hadrian X: A robot that can precisely lay 500 bricks an hour
Where to buy Streamr crypto online: DATA coin on the rise again