List UST as Collateral Asset

Hello, I'm a member of the Terra team. This is my second time posting about this, as UST has seen a significant increase in demand since my last post.

Token Overivew:

TerraUSD (UST) is an algorithmic, seigniorage-based stablecoin issued by Terraform Labs (TFL). UST is one of the fastest growing algorithmic stablecoins to-date. Its market capitalization has grown to over $250 million since its inception on October 1.

TFL currently uses Shuttle (https://github.com/terra-project/shuttle#terra--ethereum) to bring Terra assets, including UST, to Ethereum. At the time of this writing, the supply of erc-20 UST is roughly $70 million. UST currently has a daily trading volume of ~$100 million.

UST is the primary stablecoin used on Mirror Protocol (https://mirror.finance/). UST pools also exist on a number of Ethereum-side applications, including Curve, Uniswap, Sushiwap, Balancer, etc. The Uniswap UST-USDT pool currently has ~$25M of liquidity. https://info.uniswap.org/pair/0xc50ef7861153c51d383d9a7d48e6c9467fb90c38

Additional details on UST can be found here:

● Blog: https://medium.com/terra-money/announcing-terrausd-ust-the-interchain-stablecoin-53ea b0f8f0ac ● Website: https://terra.money/ ● Docs: https://docs.terra.money/contracts/#growing-active-user-base-with-real-world-usage ● Contract address: https://etherscan.io/token/0xa47c8bf37f92aBed4A126BDA807A7b7498661acD ● UST market cap has grown to ~$580M (double market cap from two weeks ago) ● erc20 supply has grown to $130M

Motivation:

Mirror Protocol (https://mirror.finance/ ) has recently been launched, driving demand for UST. We believe borrowing/lending markets are the next step in helping UST mature as a stablecoin.

Audits:

Terra security audit conducted by Certik: https://certificate.certik.io/reports/terra.pdf Mirror security audit conducted by Cyber Unit: https://docsend.com/view/p4es2dgvwadamgqg

Benefits to CREAM:

1. Adding UST would add diversity to the different stablecoin asset types and decrease aggregate risk of the CREAM ecosystem
2. Diversity of users from both the Terra community (and broader Asia)
3. Mirror Protocol has recently been launched, driving demand for UST. UST is not yet listed on any lending protocols. As a result, we believe adding UST will expand TVL of the CREAM protocol

=====Contents above are drafted by jeff=====

Discussion link: https://forum.cream.finance/t/proposal-add-ust-as-a-collateral-asset/733