This is similar to what Celo is doing. Overcollateralizing their reserve with BTC, ETH and CELO. It’s a good strategy because if we all believe that crypto adoption will proliferate, especially against ever reducing fiat purchasing power, in the long run the reserve will become more and more valuable in fiat terms. We just need enough to survive short term market shocks which might introduce de-pegging risk.
Where Celo is behind Terra is in the yield generating and money-market activities that Anchor provides, as well as the seignorage generated.
I think a similar structure where holding BTC, ETH, DAI, LUNA, UST (and maybe other promising crypto assets that are less likely to be volatile to the downside) would be a marked improvement to insulate against de-pegging risk. Obviously structuring the weighting of asset allocation would need to be well thought out. That’s above my pay grade.