Terra Luna Classic (LUNC) Community Votes to Change TerraUSD (USTC) Classification from Stablecoin to Universal Standard Token

On Tuesday, the price of TerraUSD (USTC) was recorded at $0.01266, representing a 45% drop from this year’s high.

input: (Pintu News) - The price of TerraUSD (USTC) was recorded at $0.01266 on Tuesday, marking a 45% decline from this year’s high.

With a market capitalization of just $70 million, the Terra Luna Classic (LUNC) community is voting on a proposal to change USTC’s classification from a stablecoin to a Universal Standard Token or meme coin.

This proposal comes as no surprise, considering that USTC has ceased to function as a stablecoin, and the chances of it returning to the $1 exchange rate are slim.

At present, USTC is trading at $0.01260, which would require an increase of more than 7,300% to reach parity with the US dollar.

This proposal aims to maintain listing on exchanges and avoid regulatory restrictions. Binance, LUNC’s biggest backer, has announced plans to remove USTC from their trading list by the end of this month, and other exchanges will likely follow suit.

However, if USTC is no longer classified as a stablecoin, then exchanges can continue to list it without following strict regulations.

Regulatory Implications and New Name

Changing the classification of USTC will also remove the token from the scope of regulations that are applied to stablecoins, simplifying compliance.

Moreover, there is a proposal to change the name of USTC from TerraUSD to Universal Standard Token Classic but keep the ticker symbol USTC.

This move is expected to usher in a new chapter for USTC in the crypto market.

Removing the stablecoin label from USTC is also expected to reduce confusion among investors and users, given that USTC has long been unable to maintain a stable exchange rate.

This change may provide new opportunities for USTC to operate more flexibly in a dynamic crypto ecosystem.

Technical Analysis of USTC Price

The price of STC has formed a double-bottom pattern at $0.010 with a neckline at $0.02193, which is this month’s high. The double-bottom pattern is one of the most bullish reversal signals in the market.

This suggests that STC has the potential to bounce back and test the key resistance at $0.03140, which is the highest level since 2024 and about 145% above the current price.

However, if the price drops below support at $0.0085, the bullish outlook will be derail. Investors and traders should note these levels to make informed investment decisions in the face of ongoing STC volatility.

That’s the latest information about crypto news today. Get more information about crypto academy from beginner to expert level only at Pintu Academy and enrich your knowledge about the world of crypto and blockchain.

Follow us on Google News for the latest updates on crypto and blockchain technology. Enjoy an easy and secure crypto trading experience by downloading Pintu crypto app via Google Play Store or App Store now.

Experience web trading with advanced trading tools such as pro charting, various order types, and portfolio tracker only at Pintu Pro. Click Register Pintu if you don’t have an account or click Login Pintu if you are already registered.

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.