$USTC ,originally known as TerraUSD, is a cryptocurrency designed to be a stablecoin pegged to the US dollar. Here's a breakdown of its key features:

Pegged to US Dollar: USTC aimed to maintain a 1:1 value with the US dollar through an algorithmic mechanism. This means its price should ideally stay close to $1.

Algorithmic Stablecoin: Unlike stablecoins backed by real-world assets (e.g., USD reserves), USTC relied on an algorithm to manage its supply and demand, aiming to automatically adjust its price to maintain the peg.

Terra Classic Ecosystem: USTC was part of the Terra Classic ecosystem, which collapsed in May 2022. This collapse caused USTC to lose its peg significantly, and its price has fluctuated considerably since then.

Current Status: USTC is still tradable on some cryptocurrency exchanges, but its value is no longer pegged to the US dollar. It's considered a high-risk investment due to its past performance and uncertain future.