‌USTC coin (TerraClassicUSD)‌ is a decentralized algorithmic stablecoin based on the Terra Classic blockchain. USTC coin aims to provide stability in the digital currency market, but its price is entirely determined by market supply and demand and is no longer pegged to the US dollar‌.

Historical background

In May 2022, due to a major crisis between TerraUSD and LUNA, UST lost its 1:1 exchange relationship with the US dollar. In order to maintain stability, the algorithm was forced to continuously issue LUNA, which eventually led to a death spiral, with LUNA returning to zero and being delisted by the exchange. Later, after reorganization, the airdrop produced Luna2.0, the quantity of Luna2.0 was constant and no longer associated with UST. Since then, UST has been renamed USTC, but it is no longer pegged to the US dollar, and its price is entirely determined by market supply and demand‌.

Technical features

USTC coin is a decentralized algorithmic stablecoin based on the Terra Classic blockchain, designed to provide scalable DeFi solutions across chains. Its minting cost is equal to the face value of the minted stablecoin, which means that in order to mint 1 USTC, reserve assets worth $1 need to be burned‌.

Latest price information

As of November 29, 2024, the price of USTC coin is $0.02487, with a 24-hour fluctuation of 7.17%, a maximum price of $0.02616, and a minimum price of $0.02441.

Market performance

Recently, the price of USTC coin has fluctuated. For example, on November 29, 2024, USTC coin briefly broke through $0.025, with a 24-hour increase of 9.54%4. In addition, the holdings of USTC coin on Binance reached $33.4694 million.

Community dynamics

The TerraClassic community once accused Andalusia Labs behind Karak of stealing 200 million USTC tokens after the collapse of the Terra ecosystem in 2022. Karak denied the accusation, saying that the tokens were "granted" by the Terra Foundation and did not involve user funds.