The Terra Classic community has recently passed two governance proposals by voting, which are stopping minting and reminting of $USTC and asking Binance to start burning $USTC. The two decisions aim to try to re-peg $USTC to USD.
The community hopes to burn the huge amount of $USTC and $LUNC created during last year's Terra ecosystem collapse, in an effort to recover $USTC's USD peg. Stopping minting and reminting of $USTC is an important step in the process.
Meanwhile, the community wants crypto institutions to help with the burn. Currently, Binance burns 50% of $LUNC monthly, and the community will ask Binance to also start burning $USTC monthly with the remaining 50%. "By having the largest cryptocurrency exchange in the world to help burn the circulating supply will directly contribute to the success of the re-peg of $USTC to the USD. With Binance burning $USTC will not only speed up the re-peg but will also raise the value of $LUNC. This joint effort can also attract other large cryptocurrency exchanges to start burning $USTC as well," the community said in the proposal.
According to TokenInsight data, $USTC's circulating supply is close to 9.8 billion, while $LUNC's is over 5.8 trillion.
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