Binance Increases Support for Terra Classic, Adds USTC as A Borrowable Asset on its Loan Platform

Binance, the world’s largest crypto exchange by trading volume, has added Terra UST Classic (USTC) as a borrowable asset on Binance Crypto Loans.

Since the infamous implosion that took place in May, the Binance exchange has been showing support for a possible recovery of the Terra Classic ecosystem.

Read Also: TerraClassicUSD (USTC) Surges over 33% As Lead Dev Releases Re-peg Proposal

The exchange has implemented the 1.2% tax burn proposal and over 9 billion LUNC tokens have been taken out of the Terra Classic circulating supply by the exchange alone.

USTC Added as a Borrowable Asset on Binance Loans Platform

In an announcement today, Binance stated that Terra UST Classic (USTC) has been added to the list of digital currencies users on the platform can borrow to engage in spot and margin trading.

The announcement reads:

“Binance has added USTC as a new borrowable asset on the Binance Loans platform.”

According to the report, Binance Loans provides a large range of options for supported crypto assets, interest rates, collateral assets, and maximum loanable limits based on market conditions and internal risk management.

Read Also: New Terra Classic Update: A Bold Plan to Restore USTC and Bring Utility to LUNC

The crypto assets on the Binance Loans platform include Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and BUSD.

It should be noted that users are required to tender collateral in any of the supported collateral assets before users can borrow USTC and others alike.

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