Even though they bought BTC and other shitcoins to try and reduce their reliance on their won Terra market cap to mint their stablecoin it's not going to make much of a difference because YOU CANNOT enforce value from one chain on another so all that backed by bitcoin and backed by whatever is bullshit

Its backed by their foundation who hold the keys, making it a centralised party making it a shadow bank. Making it fallable to regulation, making it a central point of failure

In addition, UST runs on a ponzi like system that can offer redemptions as long as people remain in UST but cannot fund redemptions if people leave UST and put a slight run on their treasurey

This is bound to end badly

Posted Using LeoFinance ^Beta