The Terra Classic community has voted to stop minting USTC (formerly UST)

Odaily Planet Daily News The Block reported that the Terra Classic community has voted to stop all minting and reminting of Terra Classic USD (USTC). The proposal, which aims to protect “the community and outside investors who are destroying USTC to help restore the anchor,” passed with over 59% support. USTC is an algorithmic stablecoin, formerly known as UST, which was a core factor in the collapse of the Terra ecosystem in May last year. According to data from LUNC Metrics, the community has destroyed only 75 billion tokens so far, accounting for approximately 1% of the nearly 6 trillion circulating tokens. USTC is currently quoted at $0.012. (The Block)