Terra is a [blockchain](https://coinmarketcap.com/alexandria/glossary/blockchain) protocol that uses fiat-pegged [stablecoins](https://coinmarketcap.com/alexandria/article/what-is-a-stablecoin) to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of [Bitcoin](https://coinmarketcap.com/currencies/bitcoin) (BTC) and offers fast and affordable settlements.
Development on Terra began in January 2018, and its mainnet officially launched in April 2019. As of September 2021, it [offers](https://medium.com/terra-money/announcing-terrausd-ust-the-interchain-stablecoin-53eab0f8f0ac) stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik and the International Monetary Fund's Special Drawing Rights basket of currencies — and it intends to roll out additional options.
On May 28, 2022, the genesis block of the new chain was launched to conduct future transactions under the name [Terra (LUNA)](https://coinmarketcap.com/currencies/terra-luna-v2/), and the original Terra Chain was rebranded as Terra Classic. The original native token — LUNA has also been renamed as LUNA Classic (LUNC). Moreover, all network [stablecoins](https://coinmarketcap.com/alexandria/glossary/stablecoin) (UST, KRT, EUT) have been renamed to Terra Classic stablecoins (USTC, KRTC, EUTC). There will be no Terra stablecoins on the new chain.
There is a theory that the additional term “classic” is a reference to the [Ethereum](https://coinmarketcap.com/currencies/ethereum/) / [Ethereum Classic](https://coinmarketcap.com/currencies/ethereum-classic/) split in 2017. According to CEO, Do Kwon, the collapse of UST in the spring of 2022 is the equivalent moment of the Ethereum’s [DAO](https://coinmarketcap.com/alexandria/glossary/decentralized-autonomous-organizations-dao) hack that took place in 2017.