After the news that major cryptocurrency exchange Binance has established a trading pair with USDT, the price of the stablecoin Terra Classic USD, also known as USTC, has increased by over 5% in a period of 24 hours as of the time of writing.
According to Nomics, not only has the price of USTC climbed dramatically over the last twenty-four hours, but the trade volume of the stablecoin has also increased by a large amount, growing by 178.3%. At this time, one stablecoin can be purchased for $0.024 worth of USTC.
A shock move by Binance
After the disastrous events that occurred in the spring of 2022, when Terra and all of its tokens, including UST and LUNA, were destroyed, the only trading pair that was left on Binance was USTC/BUSD. This makes no sense in light of the difficulties that have arisen as a direct result of recent efforts made by financial authorities like the SEC to establish regulations for the cryptocurrency market.
It is interesting to note that Changpeng Zhao, the creator of Binance, earlier concurred with the viewpoint that in terms of a decentralized stablecoin, UST had a sound idea but a lackluster implementation.
The most recent information to emerge from the deceased Terra environment was that a vote held in early February to re-index LUNC to UST was successful. Once some time had passed, the Securities and Exchange Commission (SEC) initiated legal action against Terraform Labs and its creator, Do Kwon, alleging that they had orchestrated a multibillion-dollar cryptocurrency securities scam. The most recent information indicates that the originator of the initiative is now concealed in the nation of Serbia, which is located in eastern Europe.
