Unlike stablecoins, tokens designed to track the rate of fiat currencies or other assets, which companies have attempted to make in the past, Terra already possesses an active user-base. The man who created it is the CEO of the unicorn startup TMON, one of the high-end online stores in South Korea.
So now Terra has partners that bring along about 40 million clients. One of these partners and investors is the Binance trading platform. Other investors are Polychain Capital, FBG Capital, etc.
The stablecoin is planned to be utilized as a stable digital payment system.