The world’s largest crypto exchange Binance has expanded support for Terra Classic as it adds TerraClassicUSD (USTC) as a loanable asset in the Binance Loan service. Users can borrow USTC for spot and margin trading, as well as staking and withdrawals. The USTC price is up more than 22% in the last 24 hours and by 65% in a week.
Binance Offers Loans on USTC Spot and Margin Trading
In an official announcement on October 13, Binance said it has added TerraClassicUSD (USTC) as a new loanable asset on the Binance Loans platform. The platform currently provides the lending facility for nearly 80 cryptocurrencies including USDT, BUSD, BTC, ETH, ADA, DOGE, SHIB, XRP, SOL, SAND, MATIC, etc.
“Binance Loans offers a wide range of options for backed crypto assets, interest rates, collateral assets and maximum borrowing 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 returns. Thus, users interested in trading USTC can borrow it for spot and margin trading or other purposes. However, users are required to provide collateral in all 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. Others in the Terra Classic community have also welcomed the move.
Binance continues to support the Terra Classic tokens as the community revives LUNC and USTC. Terra Rebels presented its revival roadmap, which many experts find interesting. Furthermore, Tobias Andersen, a Terra Classic core developer, laid out the USTC proposal for re-peg.
The USTC price is currently trading at $0.0492, up more than 2% in the past 24 hours.
Binance support for the Terra Classic community
Binance CEO “CZ” expressed his support for the Terra Classic community to support its plan to burn and help investors recover losses during the Terra-LUNA crisis. Binance has also added support for both on-chain and off-chain burning.
In addition, the crypto exchange has burned nearly 8.5 billion LUNC tokens since announcing to burn trading fees on spot and margin trading.
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This post Binance Adds Terra USTC As New Borrowable Assets, Price Jumps
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