What happens when marketcap of TerraUSD higher than Terra?

Hello yall,

Ive been wondering, I dont fully understand how the whole Terra and TerraUSD work, but I understand TerraUSD is backed by Terra somehow.

How does that work?

What will happen if the marketcap of TerraUSD is higher than that of Terra?

Do I understand correctly that the 18,5 bln of TerraUSD is backend by Terra value + about 2,5 Mrd in Btc that the Terra Foundation bought up?

Who is controlling the issue of TerraUSD. It kind of feels like USDT and TerraUSD is to crypto what the FED is to wallstreet xD

Thanks for your input guys