Terra Classic Community Halts USTC Minting
Terra Classic (LUNC) community has voted to cease all minting and reminting of Terra Classic USD (USTC), the algorithmic stablecoin known as UST.
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Terra allowed users to freely swap between UST and LUNA.
However, following the de-pegging of UST in May 2022, this mechanism failed dramatically.
A proposal aimed to protect “the community and outside investors who are burning USTC to help achieve the re-peg” has been passed with a 59% approval vote.
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