Terra’s main stablecoin, UST, is being added to Binance and Huobi, two of the most popular exchanges in terms of the trading volume. This means that more people will be able to trade the stablecoin. LUNA, the project’s governance asset, hit a new all-time high after these announcements, and it went over $100 for the first time in its history.
UST, the most widely used stablecoin of the Terra project, has crossed an important milestone, now that two major exchanges with the highest volume of transactions have included it on their platforms. Huobi, an Asian trading platform, announced it will include the currency in the Pioneer Zone on December 23 and announced an incentive contest to encourage traders to use the brand-new currency. It is with a prize of 210,000 UST to users of the platform.
Binance also announced the listing the stablecoin next day, and stated that it will be offering three distinct UST trading options: UST/ BTC, UST/BUSD and USTUSDT / USDT. In contrast, Huobi has only announced one pair of trading against USDT. The announcement was well-received from Do Kwon, founder and CEO of Terraform Labs, who celebrated the announcement, stating:
There’s no reason to expose your online money to the risk of censorship. All the best for the holidays!
The market value of Terra’s stablecoin saw significant growth in the past week, increasing from $8.8 billion on the 18th of December to $9.8 billion on the 24th of December.
UST is produced using LUNA, which is the Terra governance token. The supply of UST shrinks as more UST are minted, making it a less-expensive product. Depending on market conditions, this could lead to a possible price increase.
The price of LUNA rose after the listing news, exceeding its recent all-time high of a little more than $80, established on December 20. The price of LUNA reached $100.84 yesterday, buoyed by the general cryptocurrency market’s recovery, and has subsequently retraced to a little over $95 again.