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Terra Classic USD (USTC) up 12% as Binance Adds New Stablecoin Trading Pair

Thu, 03/09/2023 - 09:59
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Gamza Khanzadaev
Terra Classic USD (USTC) can now be traded against Tether's USDT on this major crypto exchange
Terra Classic USD (USTC) up 12% as Binance Adds New Stablecoin Trading Pair
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Stablecoin Terra Classic USD, aka USTC, is up 12% since the start of the trading session, amid an announcement that major cryptocurrency exchange Binance has added a trading pair with USDT. In addition to USTC's price, the stablecoin's trading volume has also increased significantly over the past 24 hours, up 135.7%, according to Nomics. USTC is currently trading at $0.0246 per stablecoin.

USTC to USD by CoinMarketCap

Terra Classic (LUNC) Suddenly Jumps 13% as Proposal to Repeg UST Passes

Terra, UST and Binance

After the infamous events of spring 2022, when Terra with all of its tokens like UST and LUNA collapsed, only the USTC/BUSD pair remained on Binance. This seems funny now, given the latter's problems, coming from recent attempts by financial regulators like the SEC to set rules for the crypto market.

Interestingly, the founder of Binance, Changpeng Zhao, previously agreed with the view that as a decentralized stablecoin, UST had a good concept but poor execution.

Binance Issued BUSD Market Cap Loses 45% Amid FUD Around Exchange

The latest news from the defunct Terra ecosystem included a successful vote in early February to peg LUNC back to UST. Later, the SEC filed a lawsuit against Terraform Labs and its founder Do Kwon for orchestrating a multibillion-dollar cryptocurrency securities fraud. According to the latest reports, the founder of the project is hiding in the eastern European country of Serbia.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.