Cryptocurrency exchanges continue to recognize the TerraUSD stablecoin’s appeal.
Binance US, the US arm of the world’s largest cryptocurrency exchange Binance, has announced that TerraUSD (UST), Terra’s native stablecoin, will be available for trade on its platform.
In an announcement today, the exchange stated that while traders can begin putting the currencies in their separate wallets, formal trading of UST will begin on April 14, 2022, at 12 AM UTC.
“Please be aware that Ethereum (ERC20) and BNB Smart Chain (BEP20) UST deposits and withdrawals are supported by Binance.US.” “We will be unable to recover tokens transferred to the incorrect network address,” according to extracts from the release.
Binance. Once trading begins, US traders will be able to purchase UST using bank and wire transfers, as well as debit cards.
When trading officially begins, users will be able to withdraw their UST coins with ease, according to the release.
Binance.US will have a few UST pairs available.
The stablecoin will be paired against the US dollar (UST/USD) and Tether (UST/USDT) when trading for the UST coin begins, according to the exchange.
While Binance.US will only offer two trading pairs for the stablecoin, UST/USD and UST/USDT, its worldwide branch Binance will offer five trading pairs for the cryptocurrency, including UST/BTC, UST/BUSD, UST/USDT, BNB/UST, and ETH/UST.
The reason Binance only offers two trading pairs for UST.
Given that the United States has stringent regulatory standards for crypto assets, the United States may not be far from regulatory worries.
However, it is believed that the exchange will offer more UST coin pairs once it receives the appropriate approval.
More Details on TerraUSD
TerraUSD is the Terra ecosystem’s native stablecoin. The cryptocurrency, which is pegged to the US dollar at a 1:1 ratio, gained traction after the Luna Foundation Guard (LFG), a nonprofit organization that controls the Terra ecosystem, said that it will purchase $10 billion in Bitcoin (BTC) as a reserve to support the stable coin.
The LFG has purchased a total of $3 billion in BTC so far, with $7 billion in BTC still available for purchase.