Terra Classic Fans Can Now Borrow USTC on Binance Loans

Binance has added support to Terra Classic USD (USTC) as a borrowable asset via its loan platform.
The borrowing is subject to Binance Loans’ terms, including the interest rate and borrowing limit.
USTC is in a price correction after a sudden pump from $0.029 to $0.059.

Crypto exchange giant Binance has added support to Terra Classic USD (USTC) on its Binance Loans platform. Specifically, Terra Classic fans can now borrow USTC on the platform.

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Of course, the borrowing is subject to Binance Loans’ terms, including the interest rate and borrowing limit. For more information, users can search for USTC and other cryptocurrencies available for borrowing or collateral here.

The announcement came in the wake of USTC’s price correction after an astounding pump in the last couple of days. From $0.029 on October 9, USTC suddenly jumped to $0.059, according to CoinMarketCap. Meanwhile, USTC reached up to $0.065 on Binance, as shown in the chart below.

USTC/BUSD 4-hour chart (source: TradingView)

The sudden pump witnessed a renewed investor interest. In the last couple of days, USTC has been enjoying a huge trading volume on various crypto exchanges.

However, the price has since corrected, with one USTC changing hands at $0.049, according to CoinMarketCap. If USTC bulls fail to establish $0.050 as a support level, the former stablecoin will encounter further volatility in the next couple of days.

For those who have little knowledge of Terra Classic, USTC was an algorithmic stablecoin pegged to the US dollar. Unfortunately, the Terra Classic fiasco has caused the stablecoin to de-peg and thus caused many people to lose money.

Do Kwon, the frontman of Terraform Labs, is still wanted by the international police for possible fraud and other similar criminal acts.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.