Terra Classic community elects to cease USTC minting

The Terra Classic community has actually enacted favor of ceasing all minting and reminting activities related to TerraClassic USD (USTC), with the objective of reestablishing a stable peg between USTC and the U.S. dollar.In a current proposal, the community voted with 59% in favor of discontinuing the minting of USTC, while approximately 40% were opposed to the change.Terra Classic survey results. Source: Atom ScanThe move goals to secure the interests of both the neighborhood and external investors by minimizing the supply of USTC, thereby adding to the goal of a repeg.In May 2022, USTC detached from the U.S. dollar. Consequently, it triggered Terra to experience a disastrous decline, as Luna Classic (LUNC) was closely connected to USTC. LUNCs worth dropped by nearly 100%, setting off a broader decline in the crypto markets, resulting in the loss of approximately $40 billion in total market capitalization.The proposition stated that it would lead major crypto exchanges to begin burning USTC. “Most significantly, this proposal unlocks for institutions like Binance to start burning USTC knowing that the minting and reminting is over,” the statement noted. Related: Lack of stablecoin guideline might press companies out of United States– Austin CampbellThis follows reports that the Terra Classic community is worried about an uptick in spam following the decline in LUNC prices. On September 10, Cointelegraph reported that the community is voting on numerous proposals, one of those being to raise the minimum deposit requirement from 1 million LUNC to 5 million LUNC.The proposition ended on September 16, with 93.22% in favor of the minimum deposit requirement amount being increased.Magazine: How to secure your crypto in an unstable market: Bitcoin OGs and specialists weigh in