Binance Expands Support for Terra Classic Tokens
Binance Expands Support for Terra Classic Tokens
The Terra Classic network has received a boost as Binance, the world’s largest cryptocurrency exchange, has announced expanded support for Terra Classic tokens. This move further solidifies Binance’s commitment to the community-managed network.
USTC Now Available on Binance Crypto Loans
Binance has added Terra UST Classic (USTC) as a borrowable asset on its Binance Crypto Loans platform. This allows users to borrow USTC for spot and margin trading activities. To access this feature, users must provide collateral using supported crypto assets.
Strategic Move for Terra Classic
The inclusion of USTC as the 80th asset on Binance Crypto Loans highlights the exchange’s ongoing support for the Terra Classic ecosystem. This follows Binance’s earlier efforts to list LUNC and USTC, demonstrating its role as a key backer of the network.
Challenges Ahead for USTC
While the goal to re-peg USTC to $1 is ambitious, the absence of a robust price stabilization mechanism poses significant challenges. This lack of infrastructure makes achieving the target difficult.
Why This Matters
Binance’s continued support is crucial for the Terra Classic network as it strives to regain its position in the crypto market. This latest development underscores the exchange’s belief in the potential of the Terra Classic community.
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