Following a decisive vote by the Terra Classic community, an initiative to halt the creation of the previously termed stablecoin, terra usd (commonly referred to as UST or USTC), has been approved. Despite 40.56% opposition, 59.42% of the vote gave the nod for the software update. Minting Freeze for USTC Approved USTC , which sits at the 200th spot among 10,000+ crypto assets in the crypto economy, has seen its value jump by 4% in just the last day. As of 1:00 p.m. Eastern Time on September 24, 2023, a single USTC is fetching $0.0127. Flashback to before the Terra ecosystem’s downturn in May 2022: this stablecoin held firm at a solid $1 per unit, maintaining its peg to the USD for a long duration. On May 9, 2022 , USTC drifted away from its peg to the U.S. dollar and the peg never returned. While the Terra blockchain ecosystem shuddered, a community of users and developers continued to persevere. The Terra blockchain is known for facilitating trades between the once-stable coin an
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