A handful of new stablecoins have been launched in 2020 and many analysts have suggested that the growth of stablecoin is the backbone of the crypto sector and is partly responsible for the current Bitcoin rally.

For many traders, stablecoins provide a safe place to hide during volatile periods in Bitcoin and altcoins, but there are other ways to interact with these fiat-linked assets.

Terra Protocol aims to create a programmable algorithmic stablecoin available on any blockchain. Similar to its more famous competitor Maker (MKR), Terra Protocol has a native stabilizing crypto asset called LUNA.

The project was created by a partnership of 15 major Asia-based e-commerce companies serving more than 30 million users. The ecosystem is focused on building efficient, scalable, competitive programmable payments.

Ahead of the March 2019 ICO, the company raised $ 32 million in a seed funding round that includes Hashed, Polychain Capital, Huobi and XRP Arrington Capital.

The main element of Terra is the Chai payment app, which has now been downloaded more than a million times on the Android Store. Users can collect points that can be redeemed for merchant rewards at Chai’s partners.

These partners include TMon, Qoo10, Yanolja, Megabox and Musinsa, who offer benefits in exchange for marketing promotion for Chai’s membership base.

The company also offers a debit card, the Chai Card, which launched in June 2019. On December 9, Chai received a Series B investment of $ 60 million from SoftBank and Hanwha Investment & Securities.