The Terra Classic community has voted to stop the minting and reminting of Terra Classic UST tokens, hoping this will help the failed stablecoin regain its value.
In a proposal that passed with 59% in support, the community moved to stop all the minting and reminting of USTC.
Stop Minting Terra Classic USTC
USTC is the failed stablecoin at the center of the Terra ecosystem collapse that wiped about $40 billion from the crypto market last year. The stablecoin’s value fell to pennies at the time, while Luna Classic (LUNC) supply increased to more than 6 trillion.
“This proposal also stops loopholes such as converting xUST to mint USTC. We pay the Algo Quant team to re-peg USTC to USD, and the Terra Classic community is participating in the burning of the USTC supply,” the proposal reads.
With this proposal, the community hopes to speed up the burning of LUNC so that its value can increase. This will effectively restore the value of USTC. But the possibility of that happening is slim.
So far, only 74.91 billion LUNC has been burnt, which leaves the circulating supply at 5.82 trillion and a total supply of 6.84 trillion.
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Author: Oluwapelumi Adejumo
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