Double bubble? Terra's defunct 'unstablecoin' suddenly climbs 800% in one week

Double bubble? Terra's defunct 'unstablecoin' suddenly climbs 800% in one week

The USTC price rally does not mean it would reclaim its lost U.S. dollar peg in the future. Terra's $40-billion experiment to create a functional "algorithmic stablecoin" project has failed drastically following its collapse in May. Nonetheless, its native stablecoin TerraClassicUSD (USTC), earlier called TerraUSD (UST), has been thriving in the past week.Dead stablecoin walkingTo recap, UST lost its U.S. dollar peg in May following mass withdrawals from Anchor Protocol, a lending and borrowing platform offering up to 20% yield to clients on their UST deposits. As of June 15, the token was....

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