With the help of the blockchain protocol Terra, price-stable international payment systems can be powered. According to its white paper, Terra offers quick and inexpensive settlements and combines the price stability and widespread use of fiat currencies with Bitcoin's (BTC) resistance to censorship.
Terra started its development in January 2018, and its mainnet launched in April 2019. As of September 2021, it provides stablecoins pegged to the US dollar, the South Korean won, the Mongolian tugrik, and the basket of currencies represented by the Special Drawing Rights of the International Monetary Fund. It also plans to introduce more options.
The original Terra Chain was renamed as Terra Classic on May 28, 2022, and the genesis block of the new chain was launched to handle future transactions under the name Terra (LUNA). Additionally, LUNA, the original native token, has been renamed as LUNA Classic (LUNC). Additionally, Terra Classic stablecoins have been given new names for all network stablecoins (UST, KRT, and EUT) (USTC, KRTC, EUTC). On the new chain, there won't be any Terra stablecoins.
There is a hypothesis that the word "classic" refers to the 2017 Ethereum/Ethereum Classic split. CEO Do Kwon claims that the collapse of UST in the spring of 2022 will be comparable to the 2017 hack of Ethereum's DAO.