There were like $18bn Terra. It was "backed" by maybe $3.5bn of BTC, and by minting Luna from scratch and hoping people would assign a nonzero value to the Luna

There were like $18bn Terra. It was "backed" by maybe $3.5bn of BTC, and by minting Luna from scratch and hoping people would assign a nonzero value to the Luna token. https://www.cnbc.com/2022/05/05/luna-foundation-guard-bolsters-stablecoin-reserve-by-raising-1point5-billion-in-bitcoin.html https://www.cnbc.com/2022/05/05/luna-foundation-guard-bolste...