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 Deposit UST Into Your Coinmetro Account
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 Withdraw UST From Your Coinmetro Account
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.
If you are withdrawing the ERC-20 version of UST to an external wallet such as MetaMask, please ensure that you have added UST as a custom token on the wallet.