Buy UST Classic (USTC)
What is TerraClassicUSD (USTC)?
TerraClassicUSD (USTC) is a decentralised algorithmic stablecoin that was originally designed to maintain a 1:1 peg with the US dollar. It operates on the Terra Classic blockchain and was previously known as TerraUSD (UST) before the collapse of the Terra ecosystem in May 2022.
How does TerraClassicUSD (USTC) work?
USTC uses an algorithmic stability mechanism involving its counterpart, LUNC (Luna Classic), to manage price stability. The protocol implements a "mint and burn" mechanism:
- When USTC’s price is below $1, users can burn 1 USTC to mint $1 worth of LUNC.
- When USTC’s price is above $1, users can burn LUNC to mint USTC.
This algorithm was intended to maintain USTC’s dollar peg. However, since the de-pegging event in May 2022, USTC has ceased functioning as a stablecoin.
What are the potential use cases for TerraClassicUSD (USTC)?
USTC has various use cases within the Terra Classic ecosystem and decentralised finance (DeFi), including:
- Medium of Exchange: Used for transactions within DeFi protocols.
- Collateral: Serving as collateral for lending and borrowing platforms.
- Trading: Acting as a trading pair on decentralised exchanges.
- Yield Farming: Providing liquidity for farming and staking rewards.
- Cross-Chain Transfers: Facilitating value transfers across blockchain networks.
Industries like DeFi, cryptocurrency trading, and digital payments have integrated USTC in the past, although its utility has significantly diminished post-collapse.
What is the history of TerraClassicUSD (USTC)?
USTC was launched as TerraUSD (UST) in September 2020 by Terraform Labs, co-founded by Do Kwon and Daniel Shin. Initially a promising algorithmic stablecoin, it saw widespread adoption in DeFi. Key milestones include:
- September 2020: Launch of TerraUSD (UST).
- May 9, 2022: UST lost its dollar peg, collapsing from $0.9 to $0.154 by May 13.
- May 25, 2022: Community vote to create a new Terra blockchain without UST.
- May 27, 2022: UST rebranded as USTC and moved to the Terra Classic blockchain.
Evolution of TerraClassicUSD (USTC)
USTC began as an innovative stablecoin but experienced a catastrophic collapse during its de-pegging event in May 2022, leading to a massive loss of trust and value. While it continues to exist on the Terra Classic blockchain, it no longer functions as a stablecoin, and its market role has significantly diminished. The event serves as a cautionary tale in the challenges of algorithmic stablecoins.
Notable Partnerships and Updates
- Partnerships: Initially partnered with Bittrex Global for its launch.
- Updates: The May 2022 collapse led to its rebranding and the creation of the Terra Classic blockchain.
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Frequently Asked Questions (FAQs)
What is the current price of UST Classic (USTC)?
The UST Classic price is $0.02980881 AUD, representing a -6.43% from the day prior.
Where is the best place to buy UST Classic (USTC) in Australia?
The best place to buy UST Classic (USTC) 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 UST Classic (USTC) 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 UST Classic (USTC)?
The trading volume of UST Classic (USTC) is $19.4M AUD in the last 24hrs, representing a -6.43% from the day prior.
How can I buy UST Classic (USTC)?
UST Classic (USTC) 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 UST Classic (USTC)?
The current market cap of UST Classic (USTC) is $160.9M AUD.
Can I convert UST Classic (USTC) to cash?
Yes - With Coinstash you can convert your UST Classic (USTC) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many UST Classic (USTC) are there?
The current circulating supply of UST Classic (USTC) is 5.6B.
Is Coinstash a safe place to buy UST Classic (USTC) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling UST Classic (USTC) 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.