Terra Supporters Hope to ‘Defy the Odds’ by Pumping the Now-Defunct Stablecoin USTC Back to $1 Parity

It’s been six months since Terra’s algorithmic stablecoin UST (now USTC) depegged from the U.S. dollar and the terms has remained depegged from the greenback since May 9, 2022. Currently, the erstwhile stablecoin is exchanging hands for $0.02 per unit, but a fig of Terra Classic supporters judge there’s a accidental USTC tin regain its peg.

Terra Supporters Want to Repeg the Once-Stable Coin USTC

Amid the craziness surrounding the FTX collapse, fans of different stunted crypto task privation to get Terra Money’s erstwhile stablecoin UST (now USTC) backmost to the $1 terms range. There’s been a batch of discussion astir the taxable connected societal media, adjacent though the token terraclassicusd (USTC) is obscurity adjacent the greenback’s look value. That hasn’t stopped Terra Classic supporters from trying to rally enactment for the now-defunct Terra token. “Let’s repeg USTC,” 1 idiosyncratic tweeted, portion others person shared pictures of USTC rising to $1 implicit with rocketship emojis.

In summation to a fig of Terra Classic blockchain fans, the R&D developer astatine Terran One and erstwhile developer astatine Terra Money, Will Chen, talked astir the anticipation of USTC repegging. “The USTC repeg is the archetypal clip thing similar this astatine this standard has ever been attempted by a community,” Chen said. “Like LUNC, erstwhile the communal effort to repeg USTC makes progress/momentum that defy the likelihood and surprises each the non-believers, everybody volition privation to articulation in.”

Chen’s tweet has much than 1,154 likes connected Twitter and it’s been shared astir 400 times since the tweet was published. The Terran One dev besides wished the assemblage the “best of luck.” Of course, getting USTC backmost to the $1 scope would beryllium a occurrence and it is an accomplishment that has ne'er been achieved frankincense acold successful the past of crypto. Chen’s optimistic tweet, however, was challenged, arsenic galore radical judge the feat is impossible. One idiosyncratic wrote:

It requires [$9.5 billion] that cipher has, oregon burning [more than] 90% of USTC ( = defaulting connected it). Which is good … but it volition necessitate a batch much than slogans.

Terra Classic blockchain fans disagreed with this appraisal and said that it was imaginable the indebtedness could beryllium cleared. “No, it doesn’t necessitate [$9.5 billion],” an idiosyncratic replied. “Market did terms the debt, little than 200 cardinal USD. [Luna Foundation Guard] assets are inactive backing the debt, via buy-back-burn connected USTC. Little ostentation connected [LUNC] and taxation % could spell to wide the debt. [Binance’s CEO CZ] could pain the indebtedness with the spot trading fees,” the idiosyncratic added.

At the clip of writing, USTC is presently trading for $0.020 per portion and the crypto plus is down 3.5% during the past time against the U.S. dollar. Last period USTC’s worth was a batch higher arsenic the coin shed 50.9% successful worth implicit the past 30 days. Terra Classic’s LUNC is adjacent little and little than a U.S. penny per portion astatine $0.00015820 per LUNC.

In bid to get USTC backmost to the $1 scope it would person to ascent 4,900% higher than its existent value. Currently, determination is 9,805,804,874 USTC successful circulation and the token has recorded $15.33 cardinal successful trades during the past day. While getting USTC backmost to $1 would beryllium rather the feat, the token is struggling to stay supra 2 U.S. pennies.

What bash you deliberation astir the Terra supporters hoping to repeg USTC backmost to the $1 parity it erstwhile held? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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