Binance, one of the largest centralized cryptocurrency exchanges, recently announced that it would open USTC/USDT trading.
Binance Announces to add of USTC/USDT Trading Pair
Binance’s statement included the following coins as well as USTC/USDT:
- CFX/TRY
- KEY/USDT
- STX/TRY
Trades will open on March 10, 2023, at 08.00 (UTC).
Positive News for Terra Classic
It is possible to say that the Terra community is excited about the announcement. The listing of the stablecoin on such a major cryptocurrency exchange was described as positive news for many users. Rex “Rexyz” Harrison described this news as very positive on Twitter and thanked Binance CEO CZ.
Why USTC was Added?
It is known that BUSD is the only trading facility for the stablecoin on the Binance platform. However, recently, the New York State Department of Financial Services (NYDFS) introduced some regulations for Binance’s USD-backed stablecoin BUSD. One of these regulations is ordering Paxos to stop minting BUSD.
Following these sanctions, CZ expressed on Twitter that he was considering the possibility of adding other stablecoins to the exchange. Many crypto investors appreciated CZ’s move and argued for the need to revitalize Terra.
USTC Rising
Immediately after the announcement, Terra Classic stablecoin ended its extraordinary decline and started to rise. Terra Classic was a stablecoin from Terra that collapsed last year. With the collapse of the Terra ecosystem, its name was changed to Terra Classic USD. Transactions will be open for USTC, which is on the rise again with the developments, starting tomorrow.
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