Terra is a blockchain using stable-coins (fiat backed) to energize global payment systems with less price fluctuations. Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin and offers fast and affordable settlements according to its white paper.
Terra launched in April 2019. As of September 2021, it offers stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik and the International Monetary Fund’s Special Drawing Rights basket of currencies — and it intends to roll out additional options.
LUNA is used as Terra’s native token. LUNA holders are also able to submit and vote on governance proposals.
Terra has established several partnerships, especially in the Asia-Pacific region. In July 2019 for example, Terra announced a partnership with Chai, a South Korea-based mobile payments application. Purchases made using the application on e-commerce platforms are processed on the Terra blockchain network with a 2%–3% fee charged to the merchant.