{"id":293046,"date":"2021-07-07T19:00:00","date_gmt":"2021-07-07T16:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/terra-and-harmony-announce-defi-partnership-focused-on-ust-stablecoin-integration\/"},"modified":"2021-07-07T19:00:00","modified_gmt":"2021-07-07T16:00:00","slug":"terra-and-harmony-announce-defi-partnership-focused-on-ust-stablecoin-integration","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/terra-and-harmony-announce-defi-partnership-focused-on-ust-stablecoin-integration\/","title":{"rendered":"# Terra and Harmony announce DeFi partnership focused on UST stablecoin integration"},"content":{"rendered":"

“# Terra and Harmony announce DeFi partnership focused on UST stablecoin integration <\/strong>”
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Terra, an algorithmic stablecoin platform for savings, investments and payments, is joining forces with the Harmony blockchain to pursue new DeFi initiatives focused on programmable money and other so-called financial primitives.\u00a0<\/p>\n

Under the new partnership, which is described as a \u201cdeep integration\u201d initiative, Terra will integrate Harmony on its Shuttle Bridge platform, a web front-end that allows users to send Terra\u2019s UST stablecoin across supported blockchains. \u201cThis paves the way for UST to migrate to Harmony and to be used on app<\/a>lications in the Harmony Ecosystem,\u201d Peter Abilla, Harmony\u2019s VP of marketing, said<\/a> in a Tuesday announcement. <\/p>\n

TerraUSD is currently the fifth-largest stablecoin on the market, with a total capitalization of just over $1.9 billion, according to CoinMarketCap data. <\/p>\n

Terra enjoys the backing of several major blockchain firms, including leading venture capitalist Galaxy Digital. As Cointelegraph reported, news<\/a> of Galaxy Digital\u2019s investment in Terra sent the value of its LUNA token skyrocketing in February. <\/p>\n

Harmony\u2019s founder, Stephen Tse, said his company\u2019s partnership with Terra supports its vision of building new products \u201cin a multi-chain future.\u201d He also touted Terra\u2019s OneAnchor fixed-yield savings account, which will also be deployed on Harmony.<\/p>\n

As a sharding protocol with a trustless Ethereum bridge, Harmony is tackling the scaling issue that is currently plaguing blockchain adoption. While Harmony pales in size compared with major competitors like Cosmos or Solana, the market capitalization of its network coin has more than doubled since February. <\/p>\n

Related: <\/em><\/strong>DeFi proved resilient during the March 2020 and May 2021 market crises<\/em><\/strong><\/p>\n

Under the details of the partnership, Terraform Labs will provide direct support to projects that are building UST directly on Harmony. Both Harmony and Terra will collaborate on Harmony\u2019s upcoming \u201cBridging Wall Street to Web3\u201d Hackathon.<\/p>\n