Tether CTO Paolo Ardoino said that the Terra (LUNA) project was not intended to be a rug pull, but was simply “poorly designed.” UST Was a ‘Castle of Cards’: Tether CTO Appearing on the crypto-focused Reimagine Unplugged podcast this week, Paolo Ardoino, the CTO of stablecoin issuer Tether, compared Terra’s UST stablecoin to a “castle of cards” that was due to fall at any time. CTO @Tether_to, @paoloardoino on $UST: “It's all fun and games until you are a 10 billion stablecoin. And then it becomes much harder the faster you grow, the more you grow, right, because if you are a stablecoin, especially an algorithmic stablecoin.." https://t.co/UNuvNhZoP9 — REIMAGINE – Web3 Events and Media (@REIMAGINE_2021) May 18, 2022 He further opined that another big problem for Terra’s demise was with its creator Do Kwon’s over-confidence and misguided sense of belief: “I don’t know Do Kwon. But let’s give him the benefit of the doubt. He created this project with arrogance and with thinking that he was right and many were supporting him, of course, probably for economic reasons, but was not per se, a rug pull right, it was a project that was poorly designed as many projects are poorly designed.” Ardoino later went on to say that the UST had simply become too big to maintain its peg, as its collateralization was not large enough to support the stablecoin but was still “big enough to crash the market even further.” Regulatory Clarity on Stable...
