Singapore-based cryptocurrency startup Terra is the latest to attempt to establish a tradable “stablecoin,” raising $32 million today from a number of leading exchanges in an attempt to bring its white paper to reality.

Leading the investment were Binance Labs, OKEx, Huobi Capital and Dunamu, representing a spectrum of very large Asian cryptocurrency firms and, as TechCrunch pointed out, the first time the exchanges have come together on a deal. Other investors include Polychain Capital, China’s FBG Capital, Hashed, 1kx, Kenetic Capital and Arrington XRP.

Terra is taking a different slant on establishing a stablecoin, a cryptocurrency pegged to a stable asset, through a protocol of money that ensures price stability by algorithmically expanding and contracting supply. Using a stability reserve, the company claims that it can deliver a decentralized guarantee of solvency, protecting it from the speculative and regulatory risks to which other currencies are exposed.

Because these things are never simple, the Terra cryptocurrency is backed by Luna, a decentralized asset that derives its value from transaction fees collected on the Terra network. “Much like the moon stabilizes the earth’s rotation, Luna is Terra’s eternal guardian of stability,” the company explains on its website.

Those transaction fees are earned through support for Dapps and retail transactions, a strong theme for the company. “A currency that can’t be used at checkout is useless,” the company explains. “Terra is launching with a formidable alliance of commerce platforms, with $15 billion in annual transaction volume and 30 million customers.”

It has a strong point, since far too many cryptocurrencies have little to no practical use. A study quoted by Blokt earlier this month found that more than half of the top 100 cryptocurrencies have no purpose, with only 40 appearing to provide any real value to the public.

Terra isn’t the only startup attempting to establish a popular stablecoin. TrustToken Inc. having raised $61 million in a token sale in July for its TrueUSD token.

The current biggest player in the stablecoin arena is Tether, issued by cryptocurrency exchange Bitfinex. It’s currently facing fraud allegations, including accusations that Tether has no assets tied to it.

Image: Terra