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TerraClassicUSD Wormhole
About TerraClassicUSD Wormhole
TerraClassicUSD (USTC) is a digital asset built on the Terra blockchain and created due to the de-pegging of TerraUSD (UST) from the US dollar. USTC is designed to provide users with a digital asset that maintains a value relative to a basket of assets, including the US Dollar and other stablecoins. It is issued and managed by Terraform Labs and provides an easy and secure way to transfer value within the Terra network. In early May 2022, the price of Terra’s LUNA and UST tokens began to plummet, leading to the collapse of both tokens and the Terra network. To protect users, Terraform Labs moved users’ UST tokens to the Terra Classic wallet, exchanging them for USTC tokens, and providing more market liquidity.
TerraClassicUSD (USTC) is a digital asset built on the Terra blockchain. It was created due to the de-pegging of TerraUSD (UST) from the US dollar on 9th May 2022. USTC is designed to provide users with a digital asset that maintains a value relative to a basket of assets, including the US Dollar and other stablecoins. It is issued and managed by Terraform Labs and provides an easy and secure way to transfer value within the Terra network.
USTC is used as a medium of exchange within the Terra network and can be used to purchase goods and services, or to send funds between users. It provides an easy and secure way to transfer value within the network and is also used to pay network fees and rewards. USTC is also used as a store of value and can be used to hedge against inflationary risks.