Binance.US Adds Terra UST Stablecoin As Base Pair for Cryptocurrencies
- Binance.US officially listed UST as the base trading pair for Bitcoin today.
- The stablecoin has had everyone’s attention ever since the $10B Bitcoin reserve announcement.
- LUNA is nearing a new all-time high once again.
The bullish storm that the DeFi chain has created will not slow down anytime soon. Especially not after today’s development.
UST Becomes a Base Pair
Being a base pair, other cryptocurrencies will be trading against UST as they currently do with USD, provided the option is available for them.
Earlier this month, Binance announced this development as it also announced that it would be delisting the UST/BTC trading pair closing all open trading orders. Currently, UST is only available as a base pair for Bitcoin.
We've added a new trading pair!
Get started 👇https://t.co/hUYE4utlxO
— Binance.US 🇺🇸 (@BinanceUS) April 22, 2022
However, Binance isn’t the first to do this since, at the beginning of this month, OKX, one of the top 20 cryptocurrency exchanges in the world, also added UST as a base pair for Bitcoin, Ethereum, Solana, and Avalanche.
TerraUSD has gained prominence in the space owing to its CEO Do Kwon’s statement about creating a $10 billion+ UST reserve in Bitcoin.
At its current value, $10 billion worth of Bitcoin translates to about 253183.79 BTC, which, if acquired by Terra, would make it the biggest holder of Bitcoin then, even higher than MicroStrategy’s current holdings, which is approximately 129,218 BTC.
LUNA, at the Moment
Terra’s native cryptocurrency LUNA is currently the best performing asset of the year, which gains between February to April, reaching 142.22%, marking a new all-time high of $119.5 at the same time.
Although trading at $93.5 LUNA is below forming a new ATH, it is on the way to breaching the $120 level gradually, thanks to the 23.5% rally observed three days ago.