Terra Classic Community Votes to End USTC Minting in Bid to Restore Stability

Terra Classic community voted to end minting and reminting of USTC tokens
Vote ended September 21 with 59% in favor of ending minting activities
Proposal aims to protect community and investors burning USTC
Minting goes against community efforts to re-peg USTC
Terra UST and LUNA lost peg in May 2022, leading to collapse
Terra Classic emerged allowing staking of LUNA on its blockchain
LUNA market cap still over $361 million despite collapse
Binance supported stopping re-minting burnt LUNC tokens
Move opens door for institutions like Binance to burn USTC
Burning removes tokens from circulation permanently

decrypt.co

Relevant topic timeline:

8/21/2023

Terra Luna Classic Proposal To Directly Burn 800 Mln USTC Officially Passed, LUNC Jumps

The Terra Luna Classic community passes a proposal to burn 800 million USTC tokens, resulting in a rebound of LUNC and USTC prices after a market selloff.

8/26/2023

LUNC News: Terra Luna Classic Revotes On Crucial Proposal By USTC Repeg Team

The Terra Luna Classic community is revoting on a proposal to fund the USTC Quant team after the initial vote failed to meet the required votes, with the resubmission attributed to the Terra Station wallet issues.