It still comes from the co-founder of terra:
https://twitter.com/stablekwon/status/1503296630396645376so from their team perspective, it is almost official, and it has far less to do with terra, they are just trying to copy tether, but with so many so-called "stable" coins, one can't help wondering how profitable is this digital money printer and what percentage of it is really backed.
I wonder how will the Terra developers get a 10 billion dollar funding
You get 100 million, you make the mistake of typing another 00 but without the . and you announce you have the funds. The sheep will trust you as the value of their shitcoins will depend on this project and by the time the mistake is revealed everyone will be that heavenly invested in it you will see a wall of denial tall as the sky. Even right now poeple still think tether is 100% backed by something.
We know that the most popular stablecoins are backed by fiat money like the USA Dollar and we know that fiat can be inflationary so why not instead use Bitcoin as the value backing it all up?
Why would you use a coin that is backed by 100 satoshis and not 100 satoshis?
Cash was backed by gold because it was hard to deal with gold, a bitcoin-backed coin has no reason to exist.