Binance has added USTC as a new borrowable asset on the Binance Loans platform after supporting the 1.2% tax burn proposal
With the move, the TerraClassic USD is expected to get close to its peg which has witnessed a magnificent push in the recent times
In a recent update, the world’s popular crypto exchange Binance has extended support to the Terra Ecosystem by adding TerraClassic USD to its list of borrowable assets. According to an official announcement, Binance has added USTC as a new borrowable asset on the Binance Loans platforms.
Now Binance users can stake any of the registered collateral assets and borrow USTC for a tenure of either 7, 14, 30, 90 or 100 days. With the borrowed USTC, the market participants may further engage in sport or margin trading.
Binance is the largest exchange in terms of trading volume which surges beyond $40 billion per day. Therefore, offering USTC against any other cryptocurrency asset may rather draw in the huge crowds that are crucial for raising the peg.
Meanwhile, the USTC price began to soar soon after the announcement and despite a minor bearish influence, the asset could continue ranging high.
With the announcement, the asset surged close to 20% which had already jumped by 9% since the early trading hours. It is also noticed that the price has formed a bull flag in the short term that may uplift the price beyond $0.06 in the next couple of hours. Furthermore, by maintaining a similar upswing, the price may eventually reach the crucial resistance beyond $0.063.
Therefore, it is anticipated that the TerraClassic USD will rise above these levels before the day comes to an end, which could open the door for testing the upper targets. However, once the USTC price clears the pivotal zones around $0.074, then it may further maintain a notable upswing beyond $0.1 too.
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