Binance Brings TerraUSD Back, Users To A Trading Pair As USTC/USDT
Binance officials have made an announcement about adding a new trading pair. It is very surprising to see that both the cryptocurrencies in the pair are stablecoins.
Binance Brings Back TerraClassicUSD (USDT)
Binance officials have confirmed that the new pair they have introduced is for the stablecoins TerraClassicUSD (USTC) and Tether (USDT). With these tokens against each other, they have launched the USTC/USDT pair.
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It is quite a surprise for the entire Binance and the crypto community to see that the exchange has launched a pair that as USTC.
Even though the exchange had not made any predictions about the possible adoption of USTC, some market geeks had taken points from Changpeng Zhao’s statement.
Changpeng Zhao (CZ), who is the chief executive officer (CEO) of Binance recently made a statement that gave a hint about the exchange’s leaning towards USTC.
Zhao stated that TerraClassicUSD, which was previously known as TerraUSD (UST) had the potential to grow much larger than it did.
It was one of the most promising stablecoins in the cryptocurrency market but it was handled poorly by Terraform Labs.
The teams at Terraform Labs had launched the stablecoin and it was not backed by any collateral or reserves. Instead, the token was supported by an algorithm that ended up crashing.
Just as the crash took place, the token ended up de-pegging, which resulted in the demise of the stablecoin. Prior to the fall, UST was among the most demanded and trusted tokens.
However, it ended up plunging to the lowest levels, causing a major dent in the entire cryptocurrency industry. It even ended up creating a huge contagion that is impacting the crypto market to this day.
Binance’s Announcement
The officials at the Binance exchange made an announcement on March 9 about the launch of the new pair.
They confirmed that they had made the necessary changes to launch the new token through their platform. The new pair is set for launch on March 10 at 08:00 (UTC).
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Terra Community was Excited
The entire Terra community rejoiced as Binance made the announcement of launching the new pair including USTC.
No one could have imagined that the USTC token which has been troubled even now, would be taken up by the largest crypto exchange.
Binance has proven to be the largest supporter of the entire cryptocurrency industry. Although the latest move they have made is very risky it has earned a lot of respect for the exchange among the Terra communities.
Despite the market downfalls, the entire Terra Classic community has not lost their trust and faith in the asset. They have always remained bullish for the token and turns out, their trust has finally paid off.
One of the most prominent members of the Terra Classic community, Rex “Rexyz”, has shared his joy over Binance’s latest announcement.
He stated that the Terra ecosystem has found a huge supporter in the form of Binance and it is very positive for its growth.
The token and its value will become more stable and adaptable for the entire cryptocurrency industry in the future.
The entire crypto-verse knows about the magnanimity of the Binance exchange. It has more than 50 million active users, a number no other exchange could imagine matching.
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Even if a quarter or less than that number of active users interact with the USTC pair, it will mean a lot for the stablecoin.
Why has Binance Adopted USTC?
One of the possible reasons behind Binance adopting USTC could have something to do with Binance USD (BUSD).
The US SEC recently banned Paxos from issuing anymore stablecoins. The company was responsible for the minting of the BUSD tokens, which is the native token in the Binance ecosystem.
With no more supply coming in, it was only a matter of time before the communities left the token and move on to a different one.
This is the reason why Binance is going for other stablecoin options to keep its stablecoin offerings as jacked up as possible.
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