Buy TerraUSD (UST)
What is TerraClassicUSD?
TerraClassicUSD (USTC) is a decentralized algorithmic stablecoin pegged to the US dollar, operating on the Terra Classic blockchain. It was originally launched as TerraUSD (UST) in 2020 and rebranded after the 2022 collapse of the Terra ecosystem.
How does TerraClassicUSD work?
TerraClassicUSD functions through an algorithmic stability mechanism known as "mint and burn," which involves its associated native asset, Luna Classic (LUNC). The Terra Classic blockchain uses a Proof-of-Stake consensus mechanism, specifically the Tendermint algorithm. Validators on the network stake LUNC to validate transactions, contributing to the blockchain's security and efficiency. The price stability of USTC is maintained by adjusting the supply through minting and burning LUNC.
What are the potential use cases for TerraClassicUSD?
USTC is used across various domains, primarily in the following ways:
- As a medium of exchange in payment systems and decentralized applications.
- For earning interest through decentralized finance (DeFi) platforms like Anchor Protocol.
- Facilitating cross-chain transactions due to its interoperability, making it suitable for financial services and remittances.
- Utilised in the creation and trading of synthetic assets on platforms like Mirror Protocol.
What is the history of TerraClassicUSD?
TerraClassicUSD was launched in September 2020 on the Terra Classic blockchain by Terraform Labs, founded by Do Kwon and Daniel Shin. Initially branded as TerraUSD (UST), the project aimed to establish a global payment system using algorithmic stablecoins. Following the 2022 collapse of the Terra ecosystem, UST was rebranded to TerraClassicUSD (USTC). Despite challenges, USTC has significantly influenced the DeFi space by providing a scalable stablecoin solution.
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Frequently Asked Questions (FAQs)
What is the current price of TerraUSD (UST)?
The TerraUSD price is $0.03049788 AUD, representing a -6.06% from the day prior.
Where is the best place to buy TerraUSD (UST) in Australia?
The best place to buy TerraUSD (UST) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell TerraUSD (UST) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of TerraUSD (UST)?
The trading volume of TerraUSD (UST) is $19.4M AUD in the last 24hrs, representing a -6.06% from the day prior.
How can I buy TerraUSD (UST)?
TerraUSD (UST) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of TerraUSD (UST)?
The current market cap of TerraUSD (UST) is $160.9M AUD.
Can I convert TerraUSD (UST) to cash?
Yes - With Coinstash you can convert your TerraUSD (UST) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many TerraUSD (UST) are there?
The current circulating supply of TerraUSD (UST) is 5.6B.
Is Coinstash a safe place to buy TerraUSD (UST) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling TerraUSD (UST) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.