The TerraUSD stablecoin’s popularity continues to be acknowledged by cryptocurrency exchanges.
Binance.US, the United States’ arm of the world’s largest cryptocurrency exchange Binance, has announced that it will be listing TerraUSD (UST), the native stablecoin of Terra, for trading on its platform.
The exchange noted in an announcement today that while traders can start depositing the coins in their respective wallets, the official trading of UST will commence on April 14, 2022, at 12 AM UTC.
“Please note that Binance.US supports Ethereum (ERC20) and BNB Smart Chain (BEP20) UST deposits and withdrawals. We will be unable to recover tokens sent to the wrong network address,” excerpts of the announcement read.
Binance.US traders will also be given the opportunity to buy UST using bank and wire transfers and debit cards once trading officially goes live.
The announcement adds that users can conveniently withdraw their UST coins when trading officially commences.
Few UST Pairs Will be Available on Binance.US
According to the exchange, upon the commencement of trade for the UST coin, the stablecoin will be paired against the United States dollar (UST/USD) and Tether (UST/USDT).
It is worth noting that while Binance.US will only make available two trading pairs for the stablecoin, UST/USD and UST/USDT, its global branch Binance provides five trading pairs for the cryptocurrency such as UST/BTC, UST/BUSD, UST/USDT, BNB/UST, and ETH/UST.
The reason for providing only two trading pairs for UST in Binance.US may not be far from regulatory concerns, given that the United States has high regulatory requirements for crypto assets.
However, it is expected that the exchange will add more pairs for the UST coin once it gets the necessary approval.
More Information on TerraUSD
TerraUSD is the native stablecoin of the Terra ecosystem. The cryptocurrency, which is pegged to the U.S. dollar on a 1:1 ratio, became increasingly popular after the Luna Foundation Guard (LFG), a nonprofit organization that oversees the Terra ecosystem, announced that it would be buying $10 billion worth of Bitcoin (BTC) as a reserve to back the stable coin.
So far, a total of $3 billion worth of BTC has been purchased by the LFG, with $7 billion in BTC still left to buy.