The current price of TerraClassicUSD is ₺0.51140. Over the last 24 hours, TerraClassicUSD has increased by +1.82%. It currently has a circulating supply of 5,554,296,610 USTC and a maximum supply of 7,869,254,350 USTC, giving it a fully diluted market cap of ₺2.84B. At present, the TerraClassicUSD coin holds the 210 position in market cap rankings. The TerraClassicUSD/TRY price is updated in real-time.
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TerraClassicUSD (USTC), previously known as TerraUSD (UST), is the decentralized and algorithmic stablecoin of the Terra Classic blockchain, created to deliver scalable DeFi solutions across chains. USTC is the name and ticker symbol of TerraClassicUSD.
Popular stablecoins like Tether (USDT) and USD Coin (USDC) are controlled by centralized companies. Conversely, USTC is an algorithmic stablecoin aiming to build a fully decentralized finance ecosystem.
To mint USTC, you must burn the equivalent USD amount of Luna Classic (LUNC). Terra's market module algorithm always allows you to trade 1 USD worth of LUNC for 1 USTC and vice versa, regardless of the market price of USTC. Arbitrageurs are, thus, incentivized to maintain the price of USTC every time the value of USTC fluctuates from the pegged price.
Terra has a list of other algorithmic stablecoins pegged to their fiat counterparts. For example, TerraKRW (KRT) tracks the South Korean Won. You can swap between Terra stablecoins with minimal fees, allowing you to exchange international currencies easily.
USTC price and tokenomics
USTC stablecoin does not have a capped supply. Instead, new USTC tokens enter into circulation when LUNC tokens are burned. After the UST depeg, UST is now known as USTC and only trades on the old Terra Classic blockchain.
Similarly, the original LUNA token is renamed Luna Classic, while the new Terra 2.0 token takes the name LUNA. Terra LUNA and most of its DeFi DApps migrated to the new Terra 2.0 chain. According to co-founder Do Kwon, USTC will not be migrated to the new Terra chain, and there will be no updated version of the algorithmic stablecoin.
About the founders
Daniel Shin and Do Kwon founded Terraform Labs in 2018. The Terra Alliance, a group of e-commerce companies in South Korea, incubated this software development company. Terraform Labs launched their USD-pegged stablecoin TerraUSD in September 2020.
Shin is a Wharton School graduate. Before creating Terra, he founded the leading e-commerce platform TMON, startup incubator Fast Track Asia and the popular Chai Payment app.
On the other hand, Kwon, a Stanford graduate, worked in Microsoft's natural language processing team. In 2019, he was also featured in the Forbes 30 Under 30 list.
Terra raised 58 million USD as of January 2021. Later, in their July 2021 funding round, they raised another 150 million USD. Their investors include big names like Pantera Capital, Galaxy Digital, and Coinbase Ventures, to name a few.
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Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
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Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 35 new posts about TerraClassicUSD, driven by 11 contributors, and total online engagement reached 1.1K social interactions. The sentiment score for TerraClassicUSD currently stands at 83%. Compared to all cryptocurrencies, post volume for TerraClassicUSD currently ranks at 13133. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of TerraClassicUSD.
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Posts
35
Contributors
11
Interactions
1,073
Sentiment
83%
Volume rank
#13133
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Posts
22
Interactions
861
Sentiment
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TerraClassicUSD FAQ
What is USTC?
TerraClassicUSD (USTC), previously known as TerraUSD (UST), is the decentralized and algorithmic stablecoin of the Terra blockchain. It was created to deliver scalable DeFi solutions across chains. After the UST depeg and subsequent migration to Terra 2.0, UST is renamed to USTC and continues trading on the old Terra Classic Blockchain.
How does USTC work?
Unlike other stablecoins, the USTC price is not backed by a reserve of stable assets. Instead, USTC is an algorithmic stablecoin with prices maintained by Terra's market module algorithm. If the demand for USTC is higher than its supply, the price of USTC surpasses its dollar peg. In this case, the Terra protocol incentivizes users to burn LUNC and mint USTC, thereby increasing the supply of USTC to match the market demand and restore its peg.
On the other hand, if the USTC supply is higher than the market demand, it falls below its peg. Here, users are incentivized to burn USTC and mint LUNC, reducing the USTC supply.
Where can I buy USTC?
Easily buy USTC tokens on the OKX TR cryptocurrency platform. Available trading pairs in the OKX TR spot trading terminal include USTC/USDT.
Currently, one TerraClassicUSD is worth ₺0.51140. For answers and insight into TerraClassicUSD's price action, you're in the right place. Explore the latest TerraClassicUSD charts and trade responsibly with OKX TR.
What is cryptocurrency?
Cryptocurrencies, such as TerraClassicUSD, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX TR and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as TerraClassicUSD have been created as well.
The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX TR does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX TR. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice. OKX TR does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX TR and its affiliates (“OKX TR”) are not in any way associated with the owner or operator of the TPW. You agree that OKX TR is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
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