The exchange will open trading for the pair tomorrow at 08:00 (UTC).
Binance has announced that it will add the trading pair of TerraClassicUSD (USTC) against Tether USD (USDT). The development comes three weeks after Binance Chief Changpeng “CZ” Zhao agreed that UST had the right vision but was executed poorly.
The exchange disclosed the plans today through an official press release. According to the press release, trading for the USTC/USDT pair will be open tomorrow at 08:00 (UTC).
The development has elicited excitement from the Terra Classic community, who consider it a bullish move for the asset. Particularly, Rex “Rexyz” Harrison called attention to the announcement, noting that it is “very positive” for the Terra ecosystem.
? Massive breaking news ?
This is very positive for #TerraClassic. Mr Diamond hands @cz_binance has approved @binance to add trading pairs for $USTC / $USTD ❤️. Thank you CZ. https://t.co/voYAhb489w— Rexyz (@RexYellerBelly) March 9, 2023
Possible Reasons
Recall that Binance’s CEO CZ disclosed that the exchange would consider other stablecoin options due to the regulatory actions from U.S. watchdogs against Binance USD (BUSD), its native stablecoin issued by Paxos.
We are exploring others, and non-USD based stablecoins.
— CZ ? Binance (@cz_binance) February 13, 2023
On the Binance platform, the only USTC stablecoin pair is BUSD/USTC. Given that the New York State Department of Financial Services (NYDFS) has ordered Paxos to stop minting BUSD. Hence, the stablecoin will likely go out of use even as the market cap declines. Pairing USTC with USDT could indicate Binance’s commitment to maintaining USTC trading activity for the foreseeable future.
Following Paxos’ decision to stop issuing new BUSD from Feb. 21, a prominent crypto influencer asserted that UST had the right vision, but Terraform Labs executed the vision poorly. In response, CZ noted that this assertion is sad but true. USTC rallied in response to the comments.
Terra Classic proponents stormed the comment section, mentioning that the right approach now is to revitalize the USTC stablecoin. The community has already passed a signal proposal in this regard.
Following the Binance announcement, USTC has rallied by 2.4% in the past hour despite the bearish storm. The asset is changing hands at $0.02454, up 6.13% in the past 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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