Binance to Launch USTC Perpetual Contract Amid Crypto Surge

Cryptocurrency trade Binance is ready to introduce a brand new USTC perpetual contract as we speak at 12:30 UTC, providing merchants as much as 50x leverage. This growth follows latest worth will increase for USTC and LUNC, two tokens related to the Terra ecosystem which skilled vital volatility earlier this yr.

The brand new spinoff product will enable buying and selling towards USDT and have a funding fee of ±2.00%, recalculated each 4 hours. Binance’s introduction of the contract aligns with its technique to supply various buying and selling choices in response to market demand. The trade has additionally carried out measures to safeguard towards market dangers, retaining the flexibility to regulate contract phrases if needed.

Along with the contract’s launch, Binance is incentivizing participation by providing maker payment rebates to pick liquidity suppliers for roughly two weeks following the contract’s introduction. This rebate is ready at 0.005%, aimed toward attracting extra exercise and making certain liquidity for the brand new buying and selling instrument.

The transfer by Binance comes after USTC—previously generally known as TerraUSD—halted minting and launched a burn mechanism for its sister token LUNC. These steps have been taken in an effort to cut back the tokens’ provide and assist USTC reestablish its peg to the USD. The changes are a part of broader efforts to stabilize the tokens after the Terra crash, which had beforehand disrupted their greenback parity and impacted traders globally.

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