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Binance Extends Support For Terra Classic Tokens Adds USTC As a Borrowable Asset On Its Loans Platform

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Binance Adds Terra UST Classic (USTC) As a Borrowable Asset On Its Crypto Loans Platform.

Binance has expanded support for Terra classic tokens.

Binance, the world’s largest cryptocurrency trading platform, announced today that it added Terra UST Classic (USTC) as a borrowable asset on Binance Crypto Loans. The exchange made this known in an announcement today, saying that USTC would join the list of cryptocurrencies its users can borrow to engage in spot and margin trading. 

“Binance has added USTC as a new borrowable asset on the Binance Loans platform,” the exchange said. 

The world’s largest cryptocurrency exchange by 24 hours trading volume currently supports a wide range of crypto as a borrowable asset on the platform. Some of the cryptos in the list include Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), BUSD, and ApeCoin (APE), among others.

It is worth noting that before users can borrow USTC, they would be required to tender collateral in any of the crypto assets supported as collateral assets.

The Binance Crypto Loan platform features options such as interest rates, maximum loanable limits based on market conditions, etc.

Binance Leads Support for Terra Classic Tokens

The announcement will be massive among members of the Terra classic community. With USTC added as a borrowable asset on the Binance Crypto Loan platform, many users can access digital currency and use it for spot and margin trading purposes.

Lately, the Terra classic community has been eager for any news that could bolster the adoption of Terra Classic tokens. The latest announcement is a step in the right direction.

Binance has been a huge supporter of the Terra classic project since its collapse. The exchange has rolled out support for Terra classic tokens – USTC and Luna Classic (LUNC) – in various ways.

As reported by TheCryptoBasic, Binance said it would implement a mechanism to help burn fees for LUNC spot and margin trading activities. 

Binance has kept to its word so far, as the exchange has succeeded in burning over 8.5 billion LUNC tokens.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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