The price of Terra's algorithmic stablecoin UST collapsed severely in May 2022, declining by over 95 percent in the span of a few days. This came as a surprise to many, given the promise the stablecoin held. Simply put, Terra claimed to have created a smart contract system that can keep the price of its (stable)coin more stable than that of other digital currencies. It would do so by using an algorithm that automatically sacrifices ("burns") LUNA tokens - the cryptocurrency of the same Terra blockchain - in order to create new UST coins. This is a big deal for Decentralized Finance or DeFi, as some of the most valued segments in DeFi rely on price stability in order to function. The concept of an algorithm that automatically adds or removes supply, irrespective of sentiment, is different from other popular stablecoins such as Tether (USDT), which are either backed by the fiat currencies like the U.S. dolla or external crypto assets.
Price of 1,000 TerraClassicUSD (USTC) per day from October 2020 to June 19, 2024
(in U.S. dollars)
Monthly figures are as of the end of that particular month; Opening price; As the TerraUSD (1.0) price declined rapidly in May 2022, the statistic had to be changed to reflect the development. On September 23, the price of a single TerraClassicUSD (USTC) reached a price of 0.03235391 USD
Supplementary notes
Figures have been rounded.
On May 28, 2022, the creators behind TerraUSD released a 2.0 version of the stablecoin, whilst the "original" TerraUSD coin got rebranded into USTC or TerraClassicUSD . The numbers provided here pre-date this change, and therefore refer to this 1.0 version.
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CoinGecko. (June 19, 2024). Price of 1,000 TerraClassicUSD (USTC) per day from October 2020 to June 19, 2024 (in U.S. dollars) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1298164/price-of-terrausd/
CoinGecko. "Price of 1,000 TerraClassicUSD (USTC) per day from October 2020 to June 19, 2024 (in U.S. dollars)." Chart. June 19, 2024. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1298164/price-of-terrausd/
CoinGecko. (2024). Price of 1,000 TerraClassicUSD (USTC) per day from October 2020 to June 19, 2024 (in U.S. dollars). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1298164/price-of-terrausd/
CoinGecko. "Price of 1,000 Terraclassicusd (Ustc) per Day from October 2020 to June 19, 2024 (in U.S. Dollars)." Statista, Statista Inc., 19 Jun 2024, https://www.statista.com/statistics/1298164/price-of-terrausd/
CoinGecko, Price of 1,000 TerraClassicUSD (USTC) per day from October 2020 to June 19, 2024 (in U.S. dollars) Statista, https://www.statista.com/statistics/1298164/price-of-terrausd/ (last visited July 22, 2024)
Price of 1,000 TerraClassicUSD (USTC) per day from October 2020 to June 19, 2024 (in U.S. dollars) [Graph], CoinGecko, June 19, 2024. [Online]. Available: https://www.statista.com/statistics/1298164/price-of-terrausd/
