Terra Classic USD (USTC) Stablecoin Soars 40% on Re-Peg Proposal - OhNo WTF Crypto

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Terra Classic USD (USTC) Stablecoin Soars 40% on Re-Peg Proposal

October 10, 2022 , ,
#Ripple #XRP

The field of algorithmic stablecoins has taken a massive hit after the infamous collapse of the entire Terra ecosystem (including UST).

Following the crash, the community got split into two – those who support the new version of Terra, which retained the name, and those who support the old version of it – Terra Classic.

  • Within the past 24 hours, the stablecoin called Terra Classic USD, or USTC, soared by 40%, as uncharacteristic as this may be for a cryptocurrency designed to stay flat.
  • This comes as Tobias Andersen filed a proposal to re-peg the stablecoin and hence tackle some of the existing challenges in front of the protocol.
  • Titled Terra Classic USTC re-peg proposal, the document proposes to reduce the debt that was accumulated back in May during the “black swan” (as he calls it) event.
  • To do so, the blockchain engineer proposes a process to recapitalize the stablecoin by using measures similar to that of quantitative easing (QE) without giving too many specifics on the matter.
  • Besides that, Andersen believes that USTC needs to be re-pegged to its original value of $1.

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OhNoRipple via https://www.ohnocrypto.com/ @George Georgiev, @Khareem Sudlow