UST is the Terra Project’s main stablecoin. It has been integrated into Binance, Huobi and other leading trading platforms. This will expand the range of options available to users who wish to trade this stablecoin. The Terra project’s governance asset, LUNA (the price of LUNA), has seen its value surpass its all-time peak, reaching over $100.
Huobi and Binance Give Attention To UST
UST, the Terra project’s most widely used stablecoin, is now included on two of the largest exchanges. Huobi (an Asian exchange) announced the inclusion of the asset in the Pioneer Zone. It also launched a contest for traders to win 210,000 UST.
Binance reported that the stablecoin was also listed the day before, stating that it will be providing three different UST trading pairs, UST/BTC/BUSD and UST/USDT. Huobi, however, only confirmed one trading pair against USDT. Do Kwon (founder and CEO of Terraform Labs), was happy to hear the news. stating:
There is no reason for you to expose your internet funds to the risk of censorship. All the best for your holidays.
Record Breaking Again for LUNA
Terra stablecoin’s market capital has grown significantly in the past week. From $8.8billion on December 18th to $9.8billion on Dec 24, it was almost $9.8billion. Over 200 million UST had been issued within a few hours of the Binance announcement. According to some theories, this could have contributed to the increase in the price for LUNA.
UST is produced using LUNA (the Terra governance token). The supply of UST shrinks as more UST are minted. This makes it a less-expensive product. The market may cause a price increase, though this is dependent on what happens.
After the listing announcements, LUNA’s price reacted favorably and broke its December 20th all-time record of just more than $80. This was when UST flipped DAI, the Ethereum-collateralized stablecoin, as the most valuable decentralized stablecoin cryptocurrency project. The rebound in the overall cryptocurrency market helped LUNA reach $100.84 yesterday. Since then, LUNA has retraced just a little over $95
How do Binance and Huobi list UST? What about the price increase of LUNA recently? Leave your thoughts in the comment section below.
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