What is TerraUSD (UST)?
TerraUSD (UST) is a crypto stablecoin pegged to the US dollar. It is the first stablecoin launched by the Terra team and is meant to be used as a medium of exchange on the Terra blockchain. The TerraUSD token is backed by reserves held in US dollars and can be redeemed for US dollars at any time. The supply of TerraUSD is also backed by a collateralized debt position in MakerDAO's Dai (DAI) stablecoin, which provides additional stability. TerraUSD is minted and burned using smart contracts on the Ethereum blockchain. When users mint TerraUSD, they lock up an equivalent amount of US dollars in a collateral account. These funds are then used to purchase DAI, which is deposited into the TerraUSD collateral account. Users can burn TerraUSD to redeem their locked-up US dollars, as well as any Dai that has been generated from the original deposit. This system ensures that there is always enough Dai in circulation to back the outstanding supply of TerraUSD. As a result, TerraUSD is a crypto asset with a stable value that can be used to service debt or make payments on the Terra blockchain.
How many UST tokens have been issued?
As of October 2020, a total of 200 million UST tokens have been issued. UST is the native crypto token of the TerraUSD stablecoin, which is pegged to the US dollar. TerraUSD is built on the Ethereum blockchain and is backed by a reserve of crypto assets. The issuance of UST tokens is managed by a smart contract, which ensures that the supply of tokens always matches the amount of crypto assets in the reserve. This helps to keep the value of TerraUSD stable. In addition to being used to purchase goods and services, UST tokens can also be used for discounts on transaction fees on the Terra network. As more people use TerraUSD, the demand for UST tokens is likely to increase. This could lead to an increase in the price of UST tokens on crypto exchanges.
Can I buy UST tokens with a credit or debit card?
Changelly is a popular service for buying crypto with credit or debit card. They offer quick and easy steps to make your purchase, as well as high-quality protection from being scammed!
Can I buy UST with PayPal?
There's no need to use PayPal if you want UST crypto! You can buy it with credit cards or debit cards through Apple Pay as well.
Where can I store my UST crypto?
There are a few different ways that you can store your UST crypto. One option is to keep it on an exchange, such as TerraUSD. This can be convenient if you want to be able to trade your crypto easily. However, it is important to remember that exchanges are often targets for hackers, so you need to be vigilant about security. Another option is to store your crypto in a personal wallet. This gives you more control over your crypto, but it can be difficult to set up. Finally, you can also consider using a storage service, such as Storj. This can be a good option if you want someone else to handle the security of your crypto. Whichever option you choose, make sure that you do your research and understand the risks before you store your crypto anywhere.