Terra Classic Community Votes to Stop Minting USTC Stablecoin to Restore $1 Peg

Terra Classic community voted to stop minting USTC stablecoin.
USTC lost its $1 peg amid Terra's collapse in 2022.
Terra Classic is the original blockchain, separate from Terra 2.0 fork.
USTC's collapse caused LUNA token prices to crash.
Community hopes stopping minting helps achieve USTC's $1 peg.

coindesk.com

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.