TerraClassicUSD (USTC) is a decentralized algorithmic stablecoin of the Terra Classic blockchain that is pegged to 1 USD. In order to mint 1 USTC, 1 USD worth of the reserve asset, LUNC, must be burned.
After the depeg of USTC in May 2022, the community behind Terra Classic decided to create a new blockchain without the algorithmic stablecoins called Terra 2.0.
