So, what is TerraUSD?
TerraUSD is a decentralized stablecoin that is scalable, yield-bearing and interchain. UST is hosted on the Ethereum blockchain and attempts to maintain a value of 1USD. Terra stablecoins offer instant settlements, low fees and seamless cross-border exchange.
UST isn’t backed by USD in a bank account. In order to issue 1 TerraUSD, 1USD worth of TerraUSD’s reserve asset LUNA must be burned.
For more information on Terra, you can visit their official website here.
How to buy or sell UST on CoinMetro
How to receive/deposit UST
For all in-depth information on how to deposit UST into your CoinMetro account, please click here.
If you're depositing from another exchange, it is important to ensure they support sending funds to ETH contracts, or use a full ETH wallet as an intermediary.
Note: As CoinMetro uses smart contracts for Ethereum and ERC-20 token deposits, the amount of gas required is slightly higher than a typical transfer. To be sure that your transaction is successful, please set the transaction gas limit to 55,000 for ETH. The fee difference is minimal. If your gas limit is too low, the transaction will simply be rejected by the Ethereum network. There is no risk for loss of assets caused by a too low gas limit.
How to send/withdraw UST
For all in-depth information on how to withdraw UST from your CoinMetro account, please click here.
Important Note - To request a withdrawal, your account profile needs to be verified as well as having the funds to cover your withdrawal. The first time a withdrawal is made to a destination, the destination needs to be verified via e-mail. If you have 2-Factor Authentication enabled for withdrawals, you will be asked to input the code for each withdrawal, approved or not. We suggest enabling 2-Factor Authentication to protect your account.
Withdrawals waiting for approval can be cancelled and withdrawal status can be found by selecting the wallet on the GO! Dashboard. Approved withdrawals cannot be cancelled. If there is no Cancel button, there should be a transaction ID (TXID). This is a link to the relevant tx hash (Transaction Hash) on a blockchain explorer website.
We hope this article has given you all the information you need on buying, selling, depositing and withdrawing UST.
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