{"id":14907,"date":"2022-11-28T17:48:23","date_gmt":"2022-11-28T17:48:23","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/terra-supporters-hope-to-defy-the-odds-by-pumping-the-now-defunct-stablecoin-ustc-back-to-1-parity-altcoins-bitcoin-news\/"},"modified":"2022-11-28T17:48:23","modified_gmt":"2022-11-28T17:48:23","slug":"terra-supporters-hope-to-defy-the-odds-by-pumping-the-now-defunct-stablecoin-ustc-back-to-1-parity-altcoins-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/terra-supporters-hope-to-defy-the-odds-by-pumping-the-now-defunct-stablecoin-ustc-back-to-1-parity-altcoins-bitcoin-news\/","title":{"rendered":"Terra Supporters Hope to ‘Defy the Odds’ by Pumping the Now-Defunct Stablecoin USTC Back to $1 Parity \u2013 Altcoins Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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It\u2019s been six months since Terra\u2019s algorithmic stablecoin UST (now USTC) depegged from the U.S. dollar and the price has remained depegged from the greenback since May 9, 2022. Currently, the former stablecoin is exchanging hands for $0.02 per unit, but a number of Terra Classic supporters believe there\u2019s a chance USTC can regain its peg.<\/strong><\/p>\n

Terra Supporters Want to Repeg the Once-Stable Coin USTC<\/h2>\n

Amid the craziness surrounding the FTX collapse, fans of another stunted crypto project want to get Terra Money\u2019s former stablecoin UST (now USTC) back to the $1 price range. There\u2019s been a lot of discussion<\/a> about the subject on social media, even though the token terraclassicusd (USTC) is nowhere near the greenback\u2019s face value. That hasn\u2019t stopped Terra Classic supporters from trying to rally support for the now-defunct Terra token. \u201cLet\u2019s repeg USTC,\u201d one individual tweeted<\/a>, while others have shared pictures<\/a> of USTC rising to $1 complete with rocketship emojis.<\/p>\n

In addition to a number of Terra Classic blockchain fans, the R&D developer at Terran One and former developer at Terra Money, Will Chen, talked about the possibility of USTC repegging. \u201cThe USTC repeg is the first time something like this at this scale has ever been attempted by a community,\u201d Chen said<\/a>. \u201cLike LUNC, once the communal effort to repeg USTC makes progress\/momentum that defy the odds and surprises all the non-believers, everybody will want to join in.\u201d<\/p>\n

\"Terra<\/p>\n

Chen\u2019s tweet has more than 1,154 likes on Twitter and it\u2019s been shared around 400 times since the tweet was published. The Terran One dev also wished<\/a> the community the \u201cbest of luck.\u201d Of course, getting USTC back to the $1 range would be a miracle and it is an accomplishment that has never been achieved thus far in the history of crypto. Chen\u2019s optimistic tweet, however, was challenged, as many people believe the feat is impossible. One person wrote<\/a>:<\/p>\n

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It requires [$9.5 billion] that nobody has, or burning [more than] 90% of USTC ( = defaulting on it). Which is fine \u2026 but it will require a lot more than slogans.<\/p>\n<\/blockquote>\n

Terra Classic blockchain fans disagreed with this assessment and said that it was possible the debt could be cleared. \u201cNo, it doesn\u2019t require [$9.5 billion],\u201d an individual replied<\/a>. \u201cMarket did price the debt, less than 200 million USD. [Luna Foundation Guard] assets are still backing the debt, via buy-back-burn on USTC. Little inflation on [LUNC] and tax % could go to clear the debt. [Binance\u2019s CEO CZ] could burn the debt with the spot trading fees,\u201d the person added.<\/p>\n

At the time of writing, USTC is currently trading for $0.020 per unit and the crypto asset is down 3.5% during the last day against the U.S. dollar. Last month USTC\u2019s value was a lot higher as the coin shed 50.9% in value over the past 30 days. Terra Classic\u2019s LUNC is even lower and less than a U.S. penny per unit at $0.00015820 per LUNC.<\/p>\n

In order to get USTC back to the $1 range it would have to climb 4,900% higher than its current value. Currently, there is 9,805,804,874 USTC in circulation and the token has recorded $15.33 million in trades during the last day. While getting USTC back to $1 would be quite the feat, the token is struggling to remain above two U.S. pennies.<\/p>\n

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$1 Parity<\/a>, Altcoins<\/a>, Crypto asset<\/a>, depeg<\/a>, depegging<\/a>, Dollar Peg<\/a>, FTX collapse<\/a>, LUNC<\/a>, now-defunct stablecoin<\/a>, Repeg<\/a>, Repegging<\/a>, Stablecoins<\/a>, Terra Blockchain<\/a>, Terra Classic<\/a>, Terra Fans<\/a>, Terra Money<\/a>, Terra Supporters<\/a>, terraclassicusd<\/a>, terraclassicusd (USTC)<\/a>, USD<\/a>, USD parity<\/a>, USTC<\/a>, Will Chen<\/a><\/div>\n<\/div>\n

What do you think about the Terra supporters hoping to repeg USTC back to the $1 parity it once held? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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