Sunday, February 5, 2023
HomeExchange NewsBinance Adds TerraClassicUSD (USTC) as Borrowable Asset

Binance Adds TerraClassicUSD (USTC) as Borrowable Asset

  • Binance has not abandoned its support for the Terra Classic currencies.
  • Over the past week, the price of USTC has increased by over 65%.

Binance, the biggest cryptocurrency exchange in the world, has added TerraClassicUSD (USTC) as a borrowable asset to its Binance Loan service. Demonstrating its continued commitment to the Terra Classic project. Users will be able to borrow USTC for staking, withdrawals, spotting, and margin trading. Over the last day, the price of USTC has increased by over 22%. And over the past week, it has increased by over 65%.

Binance announced on October 13 that TerraClassicUSD (USTC) is now a supported asset for borrowing on the Binance Loans platform. Nearly eighty different digital currencies, including USDT, BUSD, BTC, ETH, ADA, DOGE, SHIB, XRP, SOL, SAND, MATIC, etc., are now supported via the platform’s borrowing feature.

With Binance Loans, users may borrow cryptocurrency to engage in high-yielding activities like staking, trading on margin, and futures. That means anybody with a trading interest in USTC may get a loan of the cryptocurrency to use for spot trading, margin trading, or any other reason. Users, however, must put up collateral in one of the other acceptable cryptocurrencies.

In a tweet, Terra Classic validator LUNC DAO indicated that Binance recognizes USTC’s significance in releasing wealth in the LUNC ecosystem. The majority of the Terra Classic community approves of the change and is super excited.

Binance has not abandoned its support for the Terra Classic currencies, even as the community works to bring LUNC and USTC back from the dead. Terra Rebels has unveiled a revitalization plan that has piqued the curiosity of several industry professionals. Furthermore, Terra Classic core developer Tobias Andersen has outlined the USTC re-peg proposal.

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