The Terra Classic community has voted to stop minting its stablecoin, USTC (Terra USD). The vote saw 59% in favor of discontinuing minting, with around 40% opposed.

The decision aims at protecting the interests of the community and external investors by reducing the supply of USTC and working towards re-pegging it to the U.S. dollar.

"This proposal opens the door for institutions like Binance to start burning USTC knowing that the minting and reminting is over,” the community's statement noted.

The USTC had de-pegged from the U.S. dollar in May 2022, causing a catastrophic collapse in Luna Classic (LUNC)'s value.