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Terra Classic USD (USTC) is the 155th largest cryptocurrency in the world by market cap, valued at $347,581,561. The current price of Terra Classic USD is $0.03546, which is -6.733% lower than yesterday. Prices have ranged between $0.04220144 and $0.02688944 over the past 24 hours. All prices are listed in US dollars and accurate as of February 04, 2023 11:02 UTC.
TerraClassicUSD (USTC) is an algorithmic stablecoin that lost its peg to the US dollar in May 2022. Before 28 May 2022, USTC was called TerraUSD (UST).
Its name changed when the Terra (LUNA) chain hard forked on the same date.
USTC is minted every time its sister asset Terra Luna Classic (LUNC) is burned, or permanently destroyed. Prior to 28 May 2022, LUNC was called Terra (LUNA) — not to be confused with the Terra (LUNA) that came into existence on May 28, 2022. That Terra (LUNA) — sometimes referred to as “LUNA 2.0” — is different from the Terra (LUNA) that became LUNC.
When LUNC’s price collapsed by over 99.9% in May 2022, it took USTC’s price down with it. While USTC is still technically considered a stablecoin, it no longer fills that role. And because USTC has fallen so far from its peg to the US dollar, there’s now little reason for investors to purchase and burn LUNC to mint USTC.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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