Binance adds Terra USTC as borrowable asset, price jumps

Binance Adds Terra USTC, the largest cryptocurrency exchange in the world, has expanded its support for Terra Classic by listing TerraClassicUSD (USTC) as a collateralized loan instrument. Users will be able to borrow USTC for staking, withdrawals, and trading on margin and spot markets. Over the past day, USTC’s price has increased by over 22%, and over the past week, it has increased by over 65%.

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Binance now facilitates margin and spot trading for USTC with loan options.

On October 13, Binance announced that TerraClassicUSD (USTC) would now be available as a loanable asset on the Binance Loans platform.

Nearly eighty different cryptocurrencies, such as USDT, BUSD, BTC, ETH, ADA, DOGE, SHIB, XRP, SOL, SAND, MATIC, etc., can be borrowed on the site at the moment.

Based on market conditions and internal risk management, Binance Loans offers a wide variety of options for supported crypto assets, interest rates, collateral assets, and maximum loanable limits.

Borrow cryptocurrency on Binance Loans to invest in high-yielding spot, margin, or futures trading or staking opportunities. Users can thereby borrow USTC for use in spot trading, margin trading, or other speculative endeavours. Users, however, are required to provide collateral in the form of other supported cryptocurrencies.

The LUNC DAO, a validator of Terra Classic, tweeted that the exchange “understands” the significance of USTC in releasing the value of the LUNC ecosystem. There are many people in the Terra Classic community that approve of the change.

As the community works to bring LUNC and USTC back to life, Binance maintains its support for the Terra Classic tokens. Experts have shown curiosity over Terra Rebels’ presented revitalization roadmap. In addition, Terra Classic core developer Tobias Andersen has outlined the USTC re-peg proposal.

Up almost 2% in the last 24 hours, the USTC price is now at $0.0492.

Binance backs the Terra Classic network.

During the Terra-LUNA issue, Binance CEO “CZ” backed the Terra Classic community’s proposal to burn in an effort to help investors recoup some of their losses. Binance now now allows for both on-chain and off-chain burning.

Furthermore, since stating they will be burning trading fees on spot and margin trading, the cryptocurrency exchange has burned nearly 8.5 billion LUNC tokens.

Source: Google Trend

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