It’s been six months since Terra’s algorithmic stablecoin UST (now USTC) depegged from the U.S. dollar and the price has remained depegged from the greenback since May 9, 2022. Currently, the former stablecoin is exchanging hands for $0.02 per unit, but a number of Terra Classic supporters believe there’s a chance USTC can regain its peg.
Terra supporters want to revalue the once-stable coin USTC
Amidst the craziness surrounding the collapse of FTX, fans of another stunt crypto project want to bring Terra Money’s former stablecoin UST (now USTC) back to the $1 price range. a lot has happened argument Social media buzzed about the topic, even though the Token TerraClassicUSD (USTC) is nowhere near the face value of the greenback. That hasn’t stopped Terra Classic supporters from trying to drum up support for the now-defunct Terra token. One person said, “Let’s repag the USTC.” Tweetedwhile others have shared photos USTC raising the total to $1 with the rocketship emoji.
In addition to a number of Terra Classic blockchain fans, the R&D developer at Terran One and former developer at Terra Money, Will Chen, talked about the possibility of USTC repegging. “The USTC repeg is the first time something like this at this scale has ever been attempted by a community,” Chen said. “Like LUNC, once the communal effort to repeg USTC makes progress/momentum that defy the odds and surprises all the non-believers, everybody will want to join in.”
Chen’s tweet has received over 1,154 likes on Twitter and has been shared nearly 400 times since the tweet was published. terran forest god too wishes Community “Best wishes.” Of course, getting USTC back into the $1 range would be a miracle and is a feat that has never been achieved so far in the history of crypto. However, Chen’s optimistic tweet was challenged, as many believe the feat to be impossible. a person wrote,
It requires [$9.5 billion] that nobody has, or burning [more than] 90% of USTC ( = defaulting on it). Which is fine … but it will require a lot more than slogans.
Terra Classic blockchain fans disagree with this assessment, saying that it is possible that the loan could be approved. “No, it’s not needed [$9.5 billion],” a person answered, “The market placed the loan value at less than USD 200 million. [Luna Foundation Guard] The assets are still backing the loan through the buy-back-burn at USTC. some inflation is on [LUNC] And the tax% can go to pay off debt. [Binance’s CEO CZ] Spot trading can reduce debt with fees,” the person said.
At the time of writing, USTC is currently trading for $0.020 per unit and the crypto asset is down 3.5% during the last day against the U.S. dollar. Last month USTC’s value was a lot higher as the coin shed 50.9% in value over the past 30 days. Terra Classic’s LUNC is even lower and less than a U.S. penny per unit at $0.00015820 per LUNC.
To get USTC back into the $1 range it would have to climb up 4,900% from its current price. Currently, there are 9,805,804,874 USTC in circulation and the token recorded $15.33 million in trades during the last day. While getting USTC back to $1 would be quite an achievement, the token is struggling to stay above two US pennies.
