TerraUSD Classic’s (CRYPTO: UST) minting will cease after a community vote on the stablecoin's governance forum.

This led to a 59% vote of approval to stop all USTC mining, while 40% opposed it. The community's proposal also ends all conversion of xUST to mint USTC.

The move is taken to favor the burning of tokens, which will lead to restoring its U.S. dollar peg. With the burning of tokens, the interests of the community and external investors will be protected, and the market supply will be reduced. Burning means deleting tokens permanently from circulation and shifting them to an address not controlled by anyone.

Terra Classic is the original network created by Terraform Labs and operates as an independent blockchain. UST is backed by a basket of assets like LUNA (CRYPTO: LUNA) and Bitcoin.

In a separate vote in mid-September, the community cast 93.2% vote in favor of increasing the minimum deposit requirement amount to 5 million LUNC from 1 million LUNC.

Crypto exchange Binance had previously agreed to burn LUNA Classic tokens to reduce supply and thus recover the price of its tokens.

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