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The founder of “Terra” prepares to launch a new decentralized stable digital currency…Details here

The founder of “Terra” prepares to launch a new decentralized stable digital currency…Details here

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Answer The founder of “Terra” prepares to launch a new decentralized stable digital currency…Details here

Recently, several press reports have emerged indicating that Terra founder Do Kwon may launch a new decentralized stablecoin on the new Terra 2.0 blockchain.

This unconfirmed piece of news was brought up yet, by an active participant in the Terra Governance Forums, who goes by the nickname “FatMan”, who told:

A verified insider told them that Kwon is currently designing a new decentralized stablecoin to be built on Terra 2.0.

This move may conflict with Terra 2.0’s initial plan, which was to dump TerraUSD (UST) digital stablecoin.

The decoupling of the UST stablecoin was largely to blame for the collapse of Terra, after the reserves accumulated by “Kwon” proved insufficient to support the stablecoin.

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Will the crypto community accept the new Terra stablecoin?

While most of the reactions to the “FatMan” Twitter post were negative, some users felt that the new stablecoin might work if it was fully secured.

Collateralized stablecoins like USDT and USDC have so far proven to be the most stable among their peers, having survived several market crashes since their inception in the last decade.

Other users also said that stablecoins are essential as volatility-free funds, and they wouldn’t mind Terra building one again.

The general feeling about the move remains unclear.

Several users cited the collapse of UST as a major deterrent to anything new from Terra.

Stable currencies negatively affected after the collapse of UST:

The collapse of the UST stablecoin in early May caused ripples across other stablecoins.

Several other algorithmic stablecoins like UST have been hit hard after the crash amid mounting selling pressure.

The collapse of the digital stablecoin UST has also sparked heavy criticism against stablecoins, from regulators and investors alike.

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