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$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 #btc

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Adam Back

@adam3us

Mar 22

where is the $10bil coming from?

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Do Kwon

@stablekwon

Mar 22

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 We have 3B funds ready to seed this reserve, but technical infrastructure (bridges etc) is still not ready yet.

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Adam Back

@adam3us

Mar 22

Where did the $3bil come from. Is that real or thin liquidity premined / ICO tokens, that can flash crash to zero on am automated market maker if collateral gets stressed.

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Do Kwon

@stablekwon

Mar 22

it’s btc or tether - 1B was raised recently (should be articles around) and 1.2B LFG raised by selling UST against tether, 0.8B or so left to go

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Luna Foundation Guard raises $1 billion to form bitcoin reserve for UST stablecoin

The Luna Foundation Guard (LFG) has raised $1 billion through an over-the-counter sale of LUNA.

Adam Back

@adam3us

Mar 22

Alright that answers where $1bil came from... VCs/institutional investors seems a bit like a private fractional reserve dollar, a pegged parallel currency that they hope tracks USD via marker.

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👍 Let me know via DM if you'd like to take a look at reserve mechanisms & bridging infrastructure - I'm sure the input would be valuable

3:33 PM · Mar 22, 2022Twitter Web App

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and

in the meantime ser until adam replies i looked at jump’s proposal for reserve mechanism and it’s fascinating where can i find info about proposed bridging infra?

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and

Is this offer still open?

ooof.

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