Key Points:
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Terraform Labs, the blockchain company behind Terra, officially stated its non-involvement in the stablecoin project Mint Cash UST 2.0.
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Mint Cash’s goal is not to restore USTC to $1 but to initiate new projects, with user valuations influencing USTC’s current price expectations.
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Binance has announced the launch of a USTC perpetual contract offering up to 50x leverage.
Terraform Labs, the blockchain company behind Terra, has officially confirmed it is not investing in the stablecoin project Mint Cash UST 2.0, as announced on the X platform.
Terraform Labs Distances Itself from Mint Cash UST 2.0
The Mint Cash UST 2.0, inspired by the collapse of the once-famous TerraUSD (UST) stablecoin last year, claims to be launching a fully decentralized stablecoin. Shin Hyojin, the team leader of the stablecoin project Mint Cash UST 2.0,
said that the airdrop will include a variety of tokens. The specific details are being finalized, and Mint Cash will seek investment from VCs.
Responding quickly to the anticipated airdrop of Mint Cash UST 2.0, Terra’s new stablecoin project, USTC, clarified its position. USTC, a BTC-collateralized stablecoin system, is built on the original Terra Classic codebase.
Contrary to expectations of restoring USTC to $1, Mint Cash’s primary goal is to initiate new projects. In essence, the valuation expectations of users for these projects determine the current price expectations of USTC.
Terra, once a blockchain giant in 2021 with the widely-used LUNA token and stablecoin UST, faces a significant setback with the collapse of its billion-dollar empire and legal actions against Do Kwon. This led to the emergence of two separate chains, Terra 2.0 and Terra Classic.
In a surprising move, Binance, the world’s largest crypto exchange, has announced the launch of a USTC perpetual contract, offering up to 50x leverage after thorough review.
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