UST Gets Listed on Binance and Huobi, Propelling Terra to $100

UST Gets Listed on Binance and Huobi, Propelling Terra to $100

UST, the main stablecoin of the Terra project, is being integrated into Binance and Huobi, two leading exchanges by trading volume, expanding the options that users have to trade the stablecoin. After these announcements, The price of LUNA, the governance asset of the Terra project, broke its previous all-time high, going over $100 for the first time in its history. UST Gets Attention From Huobi and Binance

UST, the most used stablecoin from the Terra project, has reached a milestone now that two leading exchanges by volume traded have included it in their platforms. Huobi, an Asian exchange, announced it would include the asset in its Pioneer Zone on December 23, and launched a contest to entice the trade of the new currency, offering 210,000 UST to platform users.

Binance also reported the listing of the stablecoin the same day, stating it would be offering three different UST trading pairs: UST/BTC, UST/BUSD, and UST/USDT. In contrast, Huobi only confirmed one trading pair, against USDT. The news was well received by Do Kwon, founder and CEO of Terraform Labs, who celebrated it, stating:

Now there is literally no reason to subject your internet money to censorship risk. Happy holidays, everyone! LUNA Breaks Record Levels Again

The market cap of the Terra stablecoin has experienced significant growth in just the last week, going from $8.8 billion on December 18 to almost $9.8 billion on December 24. Just after the Binance announcement, more than 200 million UST were issued. This, according to the dynamic of the issuance of the token, might have influenced the rise in the price of LUNA.

LUNA, the governance token of the Terra project, is used to mint UST. As more UST is minted, the supply of LUNA shrinks, making it a more scarce product. This might, depending on market conditions, contribute to a hypothetical price rise.

After the listing announcements the price of LUNA reacted favorably, breaking its recently established all-time high of a little more than $80, established on December 20. This was when UST flipped DAI, the Ethereum-collateralized stablecoin, as the most valuable decentralized stablecoin cryptocurrency project. The price of LUNA reached $100.84 yesterday, aided by the rebound of the general cryptocurrency market, and has retraced to a little more than $95 since. Tags in this story do kwon, LUNA, Prices, Scarcity, Stablecoin, Terra, UST

What do you think about Binance and Huobi listing UST, and the recent price rise of LUNA? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Ethereum Gas Fees Are Currently 62% Cheaper Than Last Month NEWS | 9 hours ago Dogecoin Foundation Says It"s Working With Ethereum"s Vitalik Buterin on a Staking Concept NEWS | 18 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSerbia Reviews License Applications From 3 Cryptocurrency Exchanges Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk Launches "Last Trick" NFT Collection to Commemorate Career and Signature Moves

Following the American professional skateboarder Tony Hawk’s first non-fungible token (NFT) sale on the NFT marketplace Autograph, Hawk is commemorating his career with a new series of NFTs called the “Last Trick” collection. The popular skateboarder’s latest digital collectibles showcase ... read more.Crypto Lender Nexo Launches NFT Lending Desk, Loans up to 20% for Popular NFTs New Cryptocurrency Bill Advances to Senate in Brazil Indian Crypto Exchange Says 82% of Users Earn Profits This Year, Trading Volume Soars 1,735% Value Locked in Defi Continues to Slide, ETH Defi Dominates by 65%, Solana Transactions Reign