Behind the skyrocketing price of USTC, the most eye-catching thing is a new project - Mint Cash. Mint Cash calls itself the spiritual successor of TerraUSD (UST). Its team members come from the former Anchor team and Aleph Research, including team leader Shin Hyojin and engineer Minjae Yang.
On November 25, Shin Hyojin, the leader of the Mint Cash team, explained the relationship with Terra on the The equivalent amount of USTC tokens valued in US dollars will be airdropped, and the locked USTC will be destroyed.
According to team leader Shin Hyojin, after USTC is destroyed, the circulation in the market is reduced, which is beneficial to USTC holders and those who support new projects. It seems to be a multi-party benefit.
As a result, the community attributed this surge in USTC prices to the bundling gameplay of Mint Cash.
Mint Cash is a BTC-collateralized stablecoin system based on the original Terra Classic code base and is an IBC chain derived from Terra Classic. The core content of its project includes the DA layer, which will be developed based on Celestia and utilize Luna's UST savings interest-earning protocol Anchor Protocol, as well as the nBTC protocol Nomic, which locks BTC into the Cosmos ecosystem.