Just-In: Binance Adds Terra USTC As New Borrowable Asset, Price Jumps

The world’s largest crypto exchange Binance has extended support for Terra Classic as it adds TerraClassicUSD (USTC) as a borrowable asset in the Binance Loan service. Users will be able to borrow USTC for spot and margin trading, as well as staking and withdrawals. The USTC price has jumped over 22% in the last 24 hours and 65% in a week.

Binance Offers Loans on USTC Spot and Margin Trading

In an official announcement on October 13, Binance said it added TerraClassicUSD (USTC) as a new borrowable asset on the Binance Loans platform. The platform currently offers the borrowing facility for nearly 80 cryptocurrencies including USDT, BUSD, BTC, ETH, ADA, DOGE, SHIB, XRP, SOL, SAND, MATIC, etc.

“Binance Loans provides a large range of options for supported crypto assets, interest rates, collateral assets, and maximum loanable limits based on market conditions and internal risk management.”

Binance Loans allows users to borrow crypto for spot, margin, or futures trading and staking to earn high annual yields. Thus, users interested in trading USTC can borrow it for spot and margin trading, or other purposes. However, users must present collateral in any other supported crypto assets.

Terra Classic validator LUNC DAO in a tweet said Binance understands the importance of USTC in unlocking the value in the LUNC ecosystem. Other in the Terra Classic community has also welcomed the move.

Binance continues to support the Terra Classic tokens as the community seeks to revive LUNC and USTC. Terra Rebels presented its revival roadmap, which many experts find interesting. Furthermore, Tobias Andersen, a Terra Classic core developer, has laid out the USTC re-peg proposal.

The USTC price is currently trading at $0.0492, up over 2% in the last 24 hours.

Binance Support for the Terra Classic Community

Binance CEO “CZ” expressed support for the Terra Classic community to support its plan to burn and help investors recover some losses during the Terra-LUNA crisis. Also, Binance has added support for both on-chain and off-chain burning.

Moreover, the crypto exchange has burned nearly 8.5 billion LUNC tokens since announcing to burn trading fees on spot and margin trading.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.