This purchase will make up one leg of Terra's long-term plans of amassing $10 billion of bitcoin reserve for UST. Kwon explained that to get to that mark, the stablecoin may set aside a portion of the seigniorage — the protocol’s revenue generated from issuing UST — to accumulate bitcoin.
Kwon also commented that the foundation will create a “bridge” to introduce billions of dollars worth of tokenized bitcoin onto Terra and use as reserves in the stablecoin protocol. The new mechanism may require a change in stablecoin’s protocol – the details of which remain scant at the moment.“It's not 10B today - as UST money supply grows a portion of the seigniorage will go to build BTC reserves bridged to the Terra chain.
UST currently maintains its peg via an algorithm that burns or creates LUNA – the native cryptocurrency on the Terra blockchain. Unlike with centralized stablecoins, with UST no real dollars are held by the team for a 1:1 redemption.
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