• Do Kwon is believed to be creating a new stablecoin with 2.0.
• Twitter (NYSE:) account “FatMan” claims trusted sources informed them of this development.
• Terra isn’t happy about this.

Do Kwon seems to have resurfaced as the Terra ecosystem’s founder. Apparently, despite TerraUSD’s collapse and massive failure (UST), Do Kwon is still working on a stablecoin.

The entire cryptocurrency world was affected by a market crash that occurred earlier in the month. Terra could be one of the worst. Terra, and TerraUSD its stablecoin have been a warning sign.

Do Kwon offered a fork in order to preserve any hopes and minimize damages. Terra had declared that Terra 2.0, which is the new chain, would not be a direct replica of Terra Classic. It would be impossible to include the famous algorithmic stablecoin in the new chain.

However, reports are now coming out of various Twitter accounts that Do Kwon has been working to design a Terra 2.0-based decentralized stablecoin. An account that goes by the name “FatMan” took to Twitter to spill the beans and express his displeasure with the development.

TFL’s insider has verified that Do Kwon is working on plans to create a new, decentralized stablecoin. It will be located atop Terra 2. Fool me once…

— FatMan (@FatManTerra) May 30, 2022

Many people are fuming about this revelation, as expected. “Please no, we just started recovering from the last dip,” said one user. “New unstable coin is approaching,” said another. Some were quick to deny that it was baseless.

On the other hand, there are members of the community who weren’t surprised even during the initial crash. Joe Downie, chief marketing officer at cryptocurrency platform NiceHash, was quoted saying, “TerraUSD was never really a stablecoin from the start.”

However, community members are cautious. History shows that the stablecoin might crash just like its predecessor.

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