What is TerraClassicUSD (USTC)

[brives887]

TerraClassicUSD (USTC), formerly TerraUSD (UST), is a decentralized algorithm stablecoin on the Terra blockchain. Blockchain renaming and token renaming occurred after the LUNA / UST collapse in May 2022.

Terra Classic Brief Background
To gain a better understanding of Terra Classic, it’s important to understand the brief history of the original Terra blockchain and the Terra Luna collapse in May 2022. Trade USTC with mexc.com.

Terra and Stablecoin
Price fluctuations in the cryptocurrency market create a demand for price stability so that crypto investors can conveniently trade, exchange, or invest. This demand has led to the emergence of a cryptocurrency category called Stablecoin. This is usually fixed in price to traditional fiat currencies, real-world assets, or other commodities such as US dollars, euros, and metals.

Prior to its demise, Terra was an open-source blockchain infrastructure for TerraUSD (UST), an algorithmic stablecoin linked 1:1 to US dollars. In other words, 1 UST should theoretically be equivalent to 1 USD. Users may quickly spend, save, trade, or swap UST thanks to the Terra blockchain.

To estimate this price stability, Terra has developed a "Mint and Burn" algorithm that includes UST and its volatile native asset LUNA. The algorithm can be easily explained as follows:
1.When UST’s price < $1, users and arbitrageurs may send (burn) 1 UST to the system and receive (mint) $1 worth of LUNA.
2.When UST’s price > $1, users and arbitrageurs may send (burn) $1’s worth of LUNA to the system and receive (mint) 1 UST.

For example, in theory, if the UST is below $ 1, the holder will burn the UST to create a $ 1 LUNA and make a profit. As a result, as distribution in the UST market declines, the price of UST rises, and when UST exceeds $ 1, holders burn LUNA to cast UST.

How to buy USTC?
You can buy USTC on MEXC following the steps:

1. Log in to your MEXC account and click [Trade]. Click on [Spot].

2. Search “USTC” using the search bar to see the available trading pairs. Take USTC/USDT as an example.

3. Scroll down and go to the [Spot] box. Enter the amount of USTC you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy USTC] to confirm your order. You will find the purchased USTC in your Spot Wallet.

[ItsCrafty]

USTC is a stable coin of terra block chain its a type of stable coin for example usd , busd i USDC equal to one usd you use ustc for your fund secure you use to purchase a terra block chain coin its a very strong project.