Important Notice
Deposits and withdrawals are not currently available for this coin.
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.
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.
USTC is used across various domains, primarily in the following ways:
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.