Terra’s algorithmic stablecoin UST (currently USTC ) has been depegged from USD and the price remains depegged from USD after May 9, 2022. While the previous stablecoin currently trades at $0.02 per unit, many Terra Classic supporters believe USTC may return to its previous levels. Peg.
Terra supporters want to revive once-stable coin USTC
Another stunted crypto in the madness surrounding FTX’s collapse For fans of the project, Terra Money’s former stablecoin UST (now USTC) will return to the $1 price range. There has been a lot ofdiscussionon the subject on social media, even though the token terraclassicusd (USTC) is no match for the face value of the US dollar. Still, Terra Classic supporters are trying to rally support for the now-defunct Terra token. “Let’s take back USTC,” he tweetedby one individual , while another USTC rose to his $1 photo complete with a rocket ship emoji. shared to
In addition to many Terra Classic blockchain fans, Will Chen, his R&D developer of Terran One and former developer of Terra Money, talks about the possibility of USTC re-pegging. talked. “USTC’s Lepeg is the first attempt by the community on such a scale,” said Chen, . and bring progress/momentum that surprises all non-believers, everyone will want to join in.”
Chen tweeted on Twitter has over 1,154 likes on and has been shared nearly 400 times since the Tweet was published. The Terran One developers also wished the community “good luck.” Of course, bringing the USTC back to the $1 level is a miracle, an achievement never before achieved in the history of cryptocurrencies. However, Chen’s optimistic tweet was challenged as many believe the feat is impossible. One wrote:
Need [$9.5 billion] that nobody has or burn 90% [more] of USTC ( = default). That’s fine, but you’ll need more than a slogan.
Fans of the Terra Classic blockchain disagreed with the assessment, stating that the debt could be eliminated. “No, we don’t need [$9.5 billion],” the individual replied. “The market has priced the debt at less than $200 million. Still backing debt through buyback burn in [LUNC] and slight inflation in tax rates could wipe out debt [Binance CEO CZ] to burn debt with spot trading fees We got it,” the person added.
At the time of writing, the USTC is currently trading at $0.020 per unit and the cryptocurrency against the US dollar on the last day he fell 3.5%. is falling. His USTC value last month was much higher as he lost 50.9% in value over the past 30 days. His LUNC on Terra Classic is even cheaper, at $0.00015820 per LUN, less than US$1 per unit.
For the USTC to return to his $1 level, he would have to rise 4,900% above its current value. There are currently 9,805,804,874 USTC in circulation, and the token traded $15.33 million on the last day. Pushing USTC back down to $1 is a no-brainer, but the token is struggling to stay above $2.
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