- Terraform Labs, the blockchain company behind Terra, officially stated its non-involvement in the stablecoin project Mint Cash UST 2.0.
- 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.
Few days ago, Mint Cash announced itself as the spiritual successor to TerraUSD (UST), a failed stablecoin that tried to become the largest decentralized currency for the masses.
🌎 The Vision and Path Forward for UST 2.0 🌕
Two days ago, we announced the launch of Mint Cash: a spiritual successor to TerraUSD (UST), a failed stablecoin that tried to become the largest decentralized currency for the masses.
The Mint Cash team would like to talk about why… pic.twitter.com/CQqkut3yCb
— Mint Cash 🏛️♻️ (@wemintcash) October 9, 2023
The team behind Mint Cash revealed their plan to rebuild Terra’s vision, which according to them is necessary for securing the future of the crypto economy.
However, Terraform Labs, the blockchain company behind Terra, has officially announced on the X platform that it is not investing in the stablecoin project Mint Cash UST 2.0 as earlier announced by Mint Cash.
Please be aware that Terraform Labs is not involved in Mint Cash in any capacityhttps://t.co/7hLOh6MaPY
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) November 27, 2023
The Mint Cash UST 2.0, supposedly 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.
Read Also: Terraform Labs Acquires Pulsar Finance, A Cross-chain Data Provider
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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