Stablecoin News

Why USTC and Terra Classic (LUNC) Price Soaring? What Is Mint Cash?

How a Bitcoin-based stablecoin project Mint Cash and Binance became factors propelling Terra Classic (LUNC) and USTC rally.
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Why USTC and Terra Classic (LUNC) Price Soaring? What Is Mint Cash?

Terra ecosystem tokens USTC and LUNC skyrocketed more than 400% and 65% in two days amid a chain of favorable news for the Terra Luna Classic community. The crypto community remained surprised and speculated whether the algorithmic stablecoin USTC will repeg to $1 and LUNC price will also revive amid recent efforts by the Terra community.

Crypto exchange Binance proving to be a major factor for USTC and LUNC revival as it launches new products and services related to Terra ecosystem tokens.

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What Really Happened?

In October, Mint Cash, a permissionless and price-stable payments and savings currency system based on Bitcoin, announced itself as a successor to TerraUSD (UST, now USTC). The Mint Cash team has the same vision as the Terra Luna Classic community, but the ways differ completely.

Mint Cash features include providing stable crypt conversion, capital use efficiency, flexibility, high yield with Anchor Protocol, and multi-currency support. The confusion happened as Mint Cash developer Shin Hyojin said “1 USTC = 1 US dollar.”

On November 22, Terra Money announced that Terraform Labs (TFL) injected $15 million of capital into the Terra ecosystem on Astroport and Ura. It makes liquidity on Terra for top crypto assets like Bitcoin and Ethereum. As a result, Cosmos-based tokens including USTC and LUNC started rising. Terra ecosystem tokens have similar price movements.

Moreover, Binance Futures launching the USD-M USTC Perpetual Contract with up to 50x leverage sparked further rally. The announcement further raised community sentiment, while also speculating whether it was already known to some investors as the Terra ecosystem tokens witnessed sudden rallies.

CoinGape Media also reported that Binance will remove USTC against BUSD as part of ending support for BUSD by February 2024. This also contributed to a reshuffling of trades. The delisting announcement coincided with Binance’s comprehensive settlement with the U.S. Department of Justice (DOJ), a crucial chapter that also sees CZ stepping down from his role as CEO.

Also Read: Elon Musk Takes A Dig At Instagram & Business Insider On X

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USTC and LUNC Dump

Terra Classic ecosystem tokens USTC and LUNC were dumped after Terra Money stated that Terraform Labs is not involved in Mint Cash in any way. Mint Cash also denied any link to Trader QT, a partner of Luna Classic Labs.

LUNC price fell 25% after making a 60% gain. The price is currently trading at $0.000094. The 24-hour low and high are $0.0000921 and $0.0001256, respectively.

USTC price dropped 45% and currently trades at $0.038, paring earlier gains of 350%. The trading volume has also decreased after the TFL announcement.

Also Read: TrueUSD (TUSD) Stablecoin Depegs, Here’s Why

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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