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USTC Sees Over 285% Gains in 24 Hours, Here’s Why Stablecoin Is Surging
Algorithmic stablecoin TerraClassicUSD (USTC) has received a massive boost in the last 24 hours, posting over 283% gains within the period. As of publication, CoinMarketCap data showed the USTC price standing at $0.6279, as it continues to make an impressive effort toward reclaiming its peg to the US dollar.
Recall that the USTC stablecoin lost its dollar peg back in May 2022. Since then, Terra Classic Labs (TCL) has put in place a recovery model that may now just be proving successful.
Why Is USTC Stablecoin Surge?
A surge as high as seen in USTC’s ongoing rally certainly begs some questions. And an X user identified as Trader QT, has attempted to shed more light on it. Trader QT, who claims to be an Official Partner of Luna Classic Labs, revealed that TCL recently acquired 25.6 million USTC for about $500,000. That is at an average price of $0.021 per USTC. Per the source, TCL made the strategic i
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