Terra’s Stablecoin added as base currency to Binance.US

Alex Dovbnya

Binance.US, the US subsidiary of the largest cryptocurrency exchange by trading volume, has become the latest exchange to add Terra’s UST as a base pair

Binance.US made an announcement on adding a new trading pair that will allow Bitcoin, the largest cryptocurrency, to be traded against Terra’s red-hot UST stablecoin.

The US branch of the Binance exchange is not the first trading platform to introduce UST as a base currency. The Bitrue exchange added the BTC/UST pair in mid-May.

Crypto exchange OKX, one of the largest Binance competitors, launched UST-based trading pairs with Bitcoin, Ethereum and Solana in early April.

The major Binance exchange also introduced trading in the BTC/UST pair earlier this month.

The third largest stablecoin

UST has gained a lot of prominence in 2022, with a market cap of nearly $18 billion, according to CoinMarketCap Data† As reported by U.Today, it recently became the third largest stablecoin overall (after only Tether’s USDT and Circle’s USDC). UST remains the largest decentralized stablecoin after nearly doubling the market cap of the Dai stablecoin.

Terra’s flagship stablecoin has attracted a lot of attention because of the Luna Foundation Guard (LFG), a non-profit organization run by Terraform Labs, which has built up a huge Bitcoin reserve to preserve the stablecoin’s dollar peg.

Still, Terra has a host of detractors who believe the project is a Ponzi scheme of huge proportions, as more people need to invest in it to remain sustainable.

However, Terra’s controversial co-founder Do Kwon is confident that Terra will continue to see growing demand. Decentralized Financing Protocol Anchor, a lending and borrowing market, remains the primary use case for UST.

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