Binance Now Supports TerraClassic USD (USTC) as a Borrowable Asset on Its Loans Platform

The Terra Classic network continues to receive support from Binance, which has now announced expanded support for Terra classic tokens.

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The community-managed Terra Classic network continues to receive support from Binance, the world’s largest crypto exchange, which has now announced expanded support for Terra classic tokens.

Binance Makes USTC a Borrowable Asset

On Thursday, October 13th, Binance announced that it has added the Terra UST Classic (USTC) as a borrowable asset on Binance Crypto Loans. Users can now borrow USTC from Binance to engage in spot and margin trading.

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However, to borrow USTC from the Binance Crypto Loans, users would need to provide collateral in any of the crypto assets supported as collateral assets.

USTC becomes the 80th crypto to be added to the Binance Crypto Loans, which includes Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), USDT, BUSD, and ApeCoin (APE), among others.

USTC to Be Re-Pegged

Although the USTC has a long way to go before hitting $1, the proposal includes multiple routes the project can take to achieve this feat.  

  • The lack of an actual price stabilizing mechanism is one of the reasons Andersen’s goal is very ambitious and almost unattainable.

Why You Should Care

Since the community took over the Terra Classic network after the hard fork, Binance has been one of its biggest supporters as the project fights to reclaim a top spot.

Read about other Binance support for the TerraClassic network in:
Binance Extends Support for Terra Classic Chain, Convert Adds LUNC and USTC

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Find out Binance’s stance on decentralization in:
Binance Is a “Big Proponent of Decentralization,” Says Binance CEO

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia