Galaxy, Coinbase Bet $25M on DeFi Using Terra Stablecoins
Summary
The stablecoin for e-commerce creator has already proven people will use its volatility-free tokens in decentralized finance (DeFi) to buy synthetic stocks, and plans to attract blockchain denizens to even more use cases. “The Terra ecosystem has brought the benefits of programmable money to commerce and will do the same for finance,” Pantera Capital’s Paul Veradittakit said in a press release. “Terra has already made a successful payment case for more than 2 million users in the Korean market, and is also rapidly growing in the DeFi space,” Simon Kim, CEO of Hashed, said in a press release. Its payments system, Chai, has 2 million users and sees $1.2 billion in transaction volume using its TerraKRW stablecoin, which tracks the price of the South Korean won. Last summer, Terraform teased a DeFi savings platform called Anchor, which generates a better interest rate for savers by backing proof-of-stake networks.