TerraClassicUSD (USTC) is a decentralized algorithmic stablecoin that aims to maintain a value pegged to the US dollar. It was originally launched as TerraUSD (UST) on the Terra blockchain in 2020 but was rebranded after the May 2022 collapse of the Terra ecosystem. USTC operates on the Terra Classic blockchain and is designed to provide a stable digital asset for users, with a focus on scalability and interoperability across multiple blockchains.
TerraClassicUSD (USTC) is primarily used for several purposes:
Facilitating Trades: USTC is used to facilitate trades on cryptocurrency exchanges. Instead of directly purchasing cryptocurrencies like Bitcoin using fiat money, traders convert their fiat into USTC and then use it to buy other cryptocurrencies.
Lending and Staking: Experienced traders use USTC for lending and staking, which helps reduce trading costs. Newcomers to the cryptocurrency market often use USTC to minimize their trading expenses.
Remittances: USTC is used for cross-border money transfers, allowing individuals to send money across different countries without incurring high transaction fees charged by third-party services.
To store TerraClassicUSD (USTC) tokens, you have several options:
KuCoin Account: You can hold your USTC in your KuCoin account, which provides quick access to trading products like spot and futures trading, staking, and lending. Ensure you set up a strong password and upgrade your security settings to prevent unauthorized access.
Non-Custodial Wallets: For enhanced security, you can withdraw your USTC to a non-custodial wallet, granting you complete control over your private keys. This includes hardware wallets, Web3 wallets, or paper wallets. However, this option may be less convenient for frequent trading.
Guarda Wallet: Guarda offers a secure and user-friendly platform for managing USTC tokens. You can create an online or mobile wallet to store, send, receive, and stake your USTC. Guarda is a non-custodial wallet, ensuring you hold your own keys and have full control over your funds.
- Other Wallet Options: You can also choose other wallets specifically designed for USTC, such as those mentioned in the staking guide.
To buy TerraClassicUSD (USTC) tokens, follow these steps:
Create an account on a cryptocurrency exchange:
- Register on a centralized exchange (CEX) like Coinbase, Binance, or KuCoin. You can sign up using your email address, mobile number, and country of residence, and create a strong password to secure your account.
Verify your identity and secure your account:
- Complete the Know Your Customer (KYC) process by uploading a valid government-issued identification document. Enable Two-step Verification for added security.
Add a payment method:
- Add a credit/debit card, bank account, or third-party payment method to your exchange account. This will allow you to fund your account and purchase USTC.
Buy TerraClassicUSD (USTC):
- Navigate to the exchange's trading platform and select USTC as the cryptocurrency you want to buy. Choose your payment method and enter the amount you want to invest. Confirm the transaction and wait for the USTC tokens to be credited to your account.
Transfer USTC to your wallet (optional):
- If you want to store your USTC tokens securely, transfer them to a personal cryptocurrency wallet like Metamask, which supports millions of assets and blockchains.
Remember to research the exchange's reputation, fees, and available payment methods before making a purchase. Additionally, ensure you understand the risks associated with investing in cryptocurrencies.
