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Record sog_st_ust

USTTerraUSD

Also recorded as UST, USTC, TerraClassicUSD

Collapsed

Lifecycle: Collapsed
Issuance: Terminated
Reference target: US dollar
Primary organization: Terraform Labs
No additional recorded relationship
Launch: 2020-09-01
Redemption: Terminated
Backing: Algorithmic or unbacked
Stabilization: Algorithmic supply
Last review: 2026-06-04
Evidence: 7 source records

Reviewed assessment

Identity and current state

This summary reports reviewed facts and uncertainty. It is not a rating or recommendation.

An algorithmic stablecoin from the Terra ecosystem that collapsed in May 2022 and did not recover its original function.

Name	TerraUSD
Symbol	UST
Aliases	UST, USTC, TerraClassicUSD
Asset class	Stablecoin
Lifecycle status	Collapsed
Issuance status	Terminated
Canonical record ID	`sog_st_ust`
Route slug	`ust`
Record confidence	Medium
Last reviewed	2026-06-04

Name: TerraUSD
Symbol: UST
Aliases: UST, USTC, TerraClassicUSD
Asset class: Stablecoin
Lifecycle status: Collapsed
Issuance status: Terminated
Canonical record ID: sog_st_ust
Route slug: ust
Record confidence: Medium
Last reviewed: 2026-06-04

Record coverage

Section	Entries
Organizations	1
Sources	7
Reserve reports	1
Reserve components	1
Model-history events	2
Regulatory notes	2
Deployments	1
Issuer-control actions	0
Open questions	3
Events	4

Organizations and control

Primary display is a navigation and summary choice only. It does not replace other organizations or imply sole legal responsibility, operational control, reserve custody, or historical continuity.

Governance: Protocol Governed
Primary display organization: Terraform Labs
Primary display role: Protocol operator
Relationship coverage: 1 recorded relationship

Control and relationship coverage

Display selection mode: Deterministic Policy
Current relationships: 0
Ended relationships: 1
Unknown relationship state: 0
Freeze capability: 0 recorded yes · 0 recorded no · 1 not recorded
Blacklist capability: 0 recorded yes · 0 recorded no · 1 not recorded
Deployment control-event references: 0
Observed issuer-control events: 0

All current, ended, and unknown-state organization relationships
Organization	Organization category	Regulatory character	Jurisdiction	Role	Display priority	From	Until	Relationship status
Terraform Labs	Company or corporate group	Not recorded in canonical data	Unknown or not publicly resolved	Protocol operator	Primary display	2020-09-01	2022-05-12	Ended relationship

Company or corporate group

Terraform Labs

Primary display

Functional role: Protocol operator
Relationship status: Ended relationship
Regulatory character: Not recorded in canonical data
Jurisdiction: Unknown or not publicly resolved
From: 2020-09-01
Until: 2022-05-12

Mechanism

How the asset works

Primary operating facts are shown first. Classification and methodology details remain available below.

Reference target: US dollar
Public backing model: Algorithmic or unbacked
Primary stabilization mechanism: Algorithmic supply
Redemption / exit model: Terminated
Valuation source: Public information is incomplete
Yield / rebase profile: None recorded

Classification and mechanism details

Reference kind: Fiat
Comparison category: US dollar
Target value: 1
Reference methodology: Targets a US dollar reference value unless the record documents a different target value.
Canonical backing types: Unbacked
Reserve component categories: Other
Recorded model description: Algorithmic
Classification notes: Not recorded

Reserve and redemption

Recorded components, disclosures, reports, and redemption conditions remain explicit.

Reserve components

No reserve backing recordedOther

Reserve profile

Disclosure status	Historical Only
Backing types	Unbacked
Summary	No current reserve profile supports the failed UST state; historical intervention records remain event and evidence material.
As of	2022-05-12
Profile confidence	Medium

Disclosure status: Historical Only
Backing types: Unbacked
Summary: No current reserve profile supports the failed UST state; historical intervention records remain event and evidence material.
As of: 2022-05-12
Profile confidence: Medium

Redemption profile

Current status	Terminated
Settlement asset	No recorded change
Eligible parties	No functioning issuer or protocol redemption path is recorded for the failed state.
Retail access	Unavailable
Institutional access	Unavailable
Minimum amount	Not applicable.
Fee	Not applicable.
Settlement time	Not applicable.
Regional limits	Post-collapse USTC and Luna Classic lifecycle should be treated separately from the failed UST stablecoin status and from any source-reviewed reserve-intervention history.

Current status: Terminated
Settlement asset: No recorded change
Eligible parties: No functioning issuer or protocol redemption path is recorded for the failed state.
Retail access: Unavailable
Institutional access: Unavailable
Minimum amount: Not applicable.
Fee: Not applicable.
Settlement time: Not applicable.
Regional limits: Post-collapse USTC and Luna Classic lifecycle should be treated separately from the failed UST stablecoin status and from any source-reviewed reserve-intervention history.

Reserve and attestation history

Date	Publisher	Type	Assets covered	Record confidence
2022-05-16	Not yet recorded	Collapse Intervention Context	Btc Reserve Intervention, Crypto Reserve Flow, Not yet recorded	Low

Terra Classic

Collapsed or failed

Standard: Not yet recorded
Deployment type: Protocol-native or protocol-supported deployment
Contract or identifier: Identifier not recorded

Technical, canonicality, and control fields

Network record state: Specific network recorded
Canonical deployment type: Native Protocol Asset
Recorded status: Failed Legacy Context
Change or proposal state: No separate change state recorded
Canonicality: Legacy deployment
Canonicality record state: Canonicality recorded
Verification state: Verified
Contract identity state: Identifier not recorded
Freeze: Not yet recorded
Blacklist: Not yet recorded
Control events: 0
Notes: Historical UST was a Terra-native bank denomination, not a smart-contract token. The canonical micro-denomination was uusd; the post-collapse USTC and Terra Classic lifecycle remain separate from restored stablecoin status.

Regulatory and official notices

Date	Title	Authority / publisher	Type	Summary
2023-02-16	SEC action involving Terraform Labs and TerraUSD context	U.S. SEC	Regulatory action	The U.S. SEC announced an action involving Terraform Labs and Do Kwon after the Terra ecosystem collapse. The archive records this as regulatory context connected to the UST history, not as a standalone status label.
2022-07-04	USTC and Luna Classic post-collapse lifecycle context	Research Source	Post Collapse Lifecycle Context	Post-collapse USTC and Luna Classic activity should be recorded as history, not as evidence that UST recovered as a functioning stablecoin.

SEC action involving Terraform Labs and TerraUSD context

2023-02-16

The U.S. SEC announced an action involving Terraform Labs and Do Kwon after the Terra ecosystem collapse. The archive records this as regulatory context connected to the UST history, not as a standalone status label.

Authority / publisher: U.S. SEC
Type: Regulatory action

USTC and Luna Classic post-collapse lifecycle context

2022-07-04

Post-collapse USTC and Luna Classic activity should be recorded as history, not as evidence that UST recovered as a functioning stablecoin.

Authority / publisher: Research Source
Type: Post Collapse Lifecycle Context

Evidence

Publisher, provenance, supported claims, archive state, reliability, and publication date remain separate.

4 source identities · 7 evidence relations
Source	Publisher	Source category	Provenance	Primary or secondary	Supported claims	Archive	Reliability
Terra documentation and ecosystem reference Published Not yet recorded	Terra	Data or market reference Canonical: Database Reference	Data or market aggregator	Secondary source	Entity	No archive recorded	Medium
SEC charges Terraform Labs and Do Kwon with fraud Published 2023-02-16	U.S. SEC	Regulatory or court record Canonical: Regulatory Source	Government, regulator, or legal source	Primary source	Regulatory Context, Post Collapse Regulatory Context	Direct archived snapshot	High
Anatomy of a Stablecoin's failure: the Terra-Luna case Published 2022-07-28	arXiv	Research or security report Canonical: Research Paper	Independent third-party source	Secondary source	Collapse Analysis	No archive recorded	Medium
Emergency Management and Recovery of Luna Classic Published 2022-07-04	arXiv	Research or security report Canonical: Research Paper	Independent third-party source	Secondary source	Post Collapse Lifecycle	No archive recorded	Medium

Data or market reference

Terra documentation and ecosystem reference

Medium

Publisher: Terra
Published: Not yet recorded
Provenance: Data or market aggregator
Primary or secondary: Secondary source
Supported claims: Entity
Archive: No archive recorded
Reliability: Medium

Regulatory or court record

SEC charges Terraform Labs and Do Kwon with fraud

High

Publisher: U.S. SEC
Published: 2023-02-16
Provenance: Government, regulator, or legal source
Primary or secondary: Primary source
Supported claims: Regulatory Context, Post Collapse Regulatory Context
Archive: Direct archived snapshot
Reliability: High

Research or security report

Anatomy of a Stablecoin's failure: the Terra-Luna case

Medium

Publisher: arXiv
Published: 2022-07-28
Provenance: Independent third-party source
Primary or secondary: Secondary source
Supported claims: Collapse Analysis
Archive: No archive recorded
Reliability: Medium

Research or security report

Emergency Management and Recovery of Luna Classic

Medium

Publisher: arXiv
Published: 2022-07-04
Provenance: Independent third-party source
Primary or secondary: Secondary source
Supported claims: Post Collapse Lifecycle
Archive: No archive recorded
Reliability: Medium

Known unknowns

Known unknowns and coverage

Missing or disputed facts remain visible instead of being converted into certainty.

Open questions

Topic	What remains unclear	Value state	Priority	Last checked
Collapse Timeline	UST collapse timeline, exact sequence of liquidity, exchange, chain-halt, relaunch, and market-price events still needs source-specific sequencing before detailed timeline display.	Unknown after review	High	2026-06-04
Reserve Intervention	Luna Foundation Guard reserve deployment, BTC reserve flow, and post-collapse audit details need exact direct-source handling before reserve intervention claims are displayed as final facts.	Unknown after review	High	2026-06-04
Post Collapse Lifecycle	USTC / TerraClassicUSD post-collapse trading, community activity, chain state, and lifecycle status need to remain separated from the failed UST stablecoin status.	Unknown after review	Medium	2026-06-04

Collapse Timeline

UST collapse timeline, exact sequence of liquidity, exchange, chain-halt, relaunch, and market-price events still needs source-specific sequencing before detailed timeline display.

Value state: Unknown after review
Priority: High
Last checked: 2026-06-04

Reserve Intervention

Luna Foundation Guard reserve deployment, BTC reserve flow, and post-collapse audit details need exact direct-source handling before reserve intervention claims are displayed as final facts.

Value state: Unknown after review
Priority: High
Last checked: 2026-06-04

Post Collapse Lifecycle

USTC / TerraClassicUSD post-collapse trading, community activity, chain state, and lifecycle status need to remain separated from the failed UST stablecoin status.

Value state: Unknown after review
Priority: Medium
Last checked: 2026-06-04

Lifecycle

History

Current classification remains separate from dated changes and incidents.

Model and lifecycle changes

2022-05-09Luna Foundation Guard deploys reserves during the UST collapseReserve Change
2022-05-12Terra blockchain halted during the UST collapseMigration

Event timeline

Date	Event	Category	Subtype	Status effect	Recovery
2022-05-09	TerraUSD collapse	Failure and collapse	Collapse	Collapsed or failed	Collapsed
2022-05-09	Luna Foundation Guard deploys reserves during the UST collapse	Reserve change	Reserve Intervention Context	Collapsed or failed	Not recovered
2022-05-12	Terra blockchain halted during the UST collapse	Security and chain incident	Chain Halt Context	Collapsed or failed	Not recovered
2023-02-16	SEC charges Terraform Labs and Do Kwon	Regulatory action	Regulatory Action	Collapsed or failed	Not recovered

Related records and corrections

Corrections and further reading

Open connected records, methodology, machine-readable data, or report a correction.

USTTerraUSD

Identity and current state

Terraform Labs

How the asset works

Reserve and redemption

Reserve components

Public information incomplete

Deployments and legal context

Terra Classic

SEC action involving Terraform Labs and TerraUSD context

USTC and Luna Classic post-collapse lifecycle context

Evidence

Terra documentation and ecosystem reference

SEC charges Terraform Labs and Do Kwon with fraud

Anatomy of a Stablecoin's failure: the Terra-Luna case

Emergency Management and Recovery of Luna Classic

Known unknowns and coverage

Collapse Timeline

Reserve Intervention

Post Collapse Lifecycle

History

Model and lifecycle changes

Corrections and further reading

Network	Standard	Deployment type	Operational state	Contract or identifier
Terra Classic	Not yet recorded	Protocol-native or protocol-supported deployment	Collapsed or failed	Identifier not recorded
Technical, canonicality, and control fields Network record state Specific network recorded Canonical deployment type Native Protocol Asset Recorded status Failed Legacy Context Change or proposal state No separate change state recorded Canonicality Legacy deployment Canonicality record state Canonicality recorded Verification state Verified Contract identity state Identifier not recorded Freeze Not yet recorded Blacklist Not yet recorded Control events 0 Notes Historical UST was a Terra-native bank denomination, not a smart-contract token. The canonical micro-denomination was uusd; the post-collapse USTC and Terra Classic lifecycle remain separate from restored stablecoin status.