Question 1

What is TerraClassicUSD (USTC)?

Accepted Answer

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.

Question 2

What is USTC Used For?

Accepted Answer

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.

Question 3

Who Created USTC?

Accepted Answer

USTC was created by Terra, a blockchain platform that enables developers to build, deploy and operate decentralized applications. It was designed and developed by Terraform Labs, a nonprofit organization dedicated to providing a stable and secure digital currency for users of the Terra network. The co-founder and CEO of Terraform Labs is Kwon Do-Hyung (Korean: 권도형), more commonly known as Do Kwon.

Question 4

The Collapse of Terra’s LUNA and UST, What Happened?

Accepted Answer

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. The collapse was due to a number of factors, including the de-pegging of UST from the US dollar, as well as a lack of liquidity in the market and a general lack of trust in the network. This led to a rapid sell-off of both tokens, resulting in a significant drop in their value. In order to protect users, Terraform Labs had to take steps to transition users to the rebranded Terra Classic network. This included moving users’ UST tokens to the Terra Classic wallet and exchanging them for USTC tokens and providing more market liquidity. Unfortunately, the collapse of Terra’s LUNA and UST tokens had a significant impact on the network, and while steps have been taken to prevent such a situation from happening again, users should remain cautious when investing in cryptocurrencies.

***The official TerraClassicUSD Wormhole ticker is “USTC” and trades under that name on all the exchanges where it has been listed. The designation “USTCW” is for CryptoCompare.com only.***


UST	ERC20	ETH	0xa693b19d2931d498c5b318df961919bb4aee87a5	2021-10-13
UST	BEP20	BNB	0x3d4350cd54aef9f9b2c29435e0fa809957b3f30a	2021-10-13
UST	ERC20	AVAX	0xb599c3590F42f8F995ECfa0f85D2980B76862fc1	2021-12-21
UST	ERC20	POL	0xe6469ba6d2fd6130788e0ea9c0a0515900563b59	2021-11-09
UST	ERC20	ROSE	0xa1E73c01E0cF7930F5e91CB291031739FE5Ad6C2	2026-09-21
UST	ERC20	FTM	0x846e4d51d7e2043c1a87e0ab7490b93fb940357b	2022-03-04
UST	ERC20	AURORA	0x8D07bBb478B84f7E940e97C8e9cF7B3645166b03	2022-04-11
USTCW	SPL	SOL	9vMJfxuKxXBoEa7rM12mYLMwTacLMLDJqHozw96WQL8i	2021-10-14