Terra Classic to stop minting USTC trying to achieve repeg
Over 55% of voters supported the proposal that included the impossibility of minting and re minting of USTC without the approval of the Terra Classic community. Terra Classic will no longer be able to mint new TerraClassicUSD (USTC) stablecoins without the approval of the Terra Classic community. According to data from ATOMScan, more than 55% of voters were in favor of the #11784 proposal. “We pay the Algo Quant team to re-peg USTC to USD, and the Terra Classic community is participating in the burning of the USTC supply, which also facilitates the re-peg.” The Terra Classic community The proposal’s description also claims the upgrade should fix loopholes such as converting xUST to mint USTC in an effort to achieve the repeg . The proposal is said to “protect the community and outside investors who are burning USTC,” trying to achieve the repeg , more than a year after the stablecoin imploded. The 11784 voting scheme | Source: ATOMScan ...