It’s been more than a year since the historic Terra LUNA crash saw USTC de-peg but the community has still not given up on the cryptocurrency. The latest development comes in the form of a proposal that wants to stop the minting of new USTC, which could end up being a positive for the price.
The Road To Re-Pegging USTC
A proposal was submitted to the Terra Classic community to stop the minting of USTC which was originally a stablecoin. The proposal which was submitted on September 14, 2023, asked that all minting and reminting of tokens should be halted unless the community approves it.
The proposal goes further into the mechanism of USTC such as in the case where users are able to use xUST to mint USTC. This would close one of the most impactful loopholes in the minting mechanism of the token, reducing the amount being brought into supply.
As for efforts to re-peg USTC to the US dollar, the author explains that minting and reminting of USTC without the Terra Classic community approv
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