UST, the primary Stablecoin of the Terra challenge, is being integrated into Binance and Huobi; with two leading exchanges by buying and selling quantity, customers can have more choices when it comes to trading Stablecoins. Following these bulletins, the Terra administration asset, LUNA, broke its previous all-time high, going over $100 for the first time in its history.
What is TerraUST?
UST is Terra’s algorithmic and decentralized Stablecoin. It is scalable, yield-bearing, and pegged to the US Dollar. TerraUSD can be used in conjunction with LUNA, Terra’s Non-Stablecoin coin, and a standalone coin, depending on the user’s preference.
Huobi, an Asian exchange, announced on December 23 that the new currency would be included in its Pioneer Zone, with 210,000 UST being offered to its users. Likewise, Binance announced on the same day that the Stablecoin would be listed in three different trading pairs: UST/BTC, UST/BUSD, and UST/USDT.
The Terra Stablecoin market cap increased significantly last week, going from $8.8 billion on December 18 to almost $9.8 billion on December 24. LUNA’s price may have increased in part due to the issuance of 200 million USTs just after Binance’s announcement. In light of the dynamic of the distribution of tokens, this may have contributed to the rise in price.
What is Luna Coin?
Luna, Terraform Lab’s cryptocurrency, is now ranked among the ten largest cryptocurrencies by market capitalization, according to CoinGecko. The cryptocurrency price has soared past dog-based meme tokens such as Shiba Inu and dogecoin over the past two days despite the market-wide selloff that saw bitcoin and Cardano prices fall by double-digit percentages.
Terra’s governance token, LUNA, is used to mint UST coins. As more UST coins are minted, the supply of LUNA shrinks. This might result in a possible price increase in certain market conditions.
The price of LUNA reacted favourably to the listing announcements, breaking its recently established high of a little more than $80, set on December 20. The Ethereum-collateralized Stablecoin, DAI, became the most valuable decentralized Stablecoin cryptocurrency project at the time. Thanks to a rebound on the broader cryptocurrency market, LUNA’s price has retraced to just over $95 since Saturday.
