USTC Coin (TerraClassicUSD)? is a decentralized algorithmic stablecoin based on the Terra Classic blockchain. USTC 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 involving TerraUSD and LUNA, UST lost its 1:1 exchange rate with the US dollar. To maintain stability, the algorithm was forced to continuously issue more LUNA, ultimately leading to a death spiral, causing LUNA to go to zero and be delisted from exchanges. After a restructuring, an airdrop created Luna2.0, which has a fixed supply and is no longer linked to UST. Subsequently, UST was 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, aimed at providing scalable DeFi solutions across chains. Its minting cost is equal to the face value of the minted stablecoin, which means that to mint 1 USTC, assets worth 1 US dollar must be burned.
Latest Price Information
As of November 29, 2024, the price of USTC is 0.02487 US dollars, with a 24-hour volatility of 7.17%, a maximum price of 0.02616 US dollars, and a minimum price of 0.02441 US dollars.
Market Performance
Recently, the price of USTC has shown volatility. For example, on November 29, 2024, USTC briefly broke through 0.025 US dollars, with a 24-hour increase of 9.54%. Additionally, USTC holdings on Binance reached 33.4694 million US dollars.
Community Dynamics
The TerraClassic community accused Andalusia Labs, behind Karak, of stealing 200 million USTC tokens after the collapse of the Terra ecosystem in 2022. Karak denied this accusation, claiming that the tokens were “granted” by the Terra Foundation and did not involve user funds.
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