About TerraClassicUSD (USTC)
TerraUSD is an algorithmic, interchain, U.S. dollar-pegged stablecoin built on the proof-of-stake blockchain network Terra. Like other stablecoins on the network, UST uses Terra's native currency LUNA as a reserve asset. To mint UST and expand supply to meet rising demand requires $1 worth of LUNA to be burned. Meanwhile, to reduce UST supply in the event of demand contraction, the protocol mints LUNA and burns UST.
Although the Terra network is built on an application-specific chain using the Cosmos SDK, UST and other stablecoins within the ecosystem are available on Ethereum, Solana and other chains supporting the Inter-Blockchain Communication protocol. Terra stablecoin holders can also earn yield across multiple proof-of-stake blockchains via the Anchor protocol.
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