TerraClassicUSD (USTC) is performing well compared to the overall cryptocurrency market, with a 15% increase in the last 24 hours, while other cryptocurrencies are experiencing a downturn. The increase in USTC’s value may be related to recent comments made by Changpeng Zhao, the CEO of Binance, about the asset.
Miles Deutscher, a prominent cryptocurrency analyst, and influencer claimed that the UST project had the vision despite the regulatory environment around Paxos and BUSD. Following a mandate from the New York Department of Financial Services, Paxos declared yesterday that it would end its partnership with Binance and stop issuing new BUSD on February 21.
According to Deutscher, who commented on the development, UST had the right idea, but its implementation was subpar. “But the need for a robust decentralized stablecoin hasn’t gone away,” he added.
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In response, CZ echoed Deutscher’s views on the situation. He said in a tweet, “sad but true.” Proponents of Terra Classic flooded the post, informing CZ that the best course of action right now is to revive USTC and conduct it according to the right approach. Some of them revealed that the first steps towards attaining this goal have already been taken, pointing to the recent re-peg proposal.
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Yesterday, USTC was valued at $0.027, but its price increased by 27% to reach a high of $0.0343 this morning. After encountering some resistance, it is currently trading at $0.03206 at the time of writing, which is a 15% gain in the last 24 hours. This has made it the asset with the largest gain among the top 150 assets listed on CMC in the past 24 hours.
It’s relevant to note that the community approved the latest proposal to re-peg USTC, and this caused a significant increase in USTC’s price. The implementation of the re-peg measures, which is a signal proposal, will not commence right away. Rather, certain prerequisites must be met by the relevant parties before the re-peg can occur. However, one of these prerequisites is reaching a consensus among the developers, which is anticipated to happen before March.
