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UST Listed on Binance and Huobi, Terra hits $100

UST, Terra’s main stablecoin, has been integrated into Binance (Huobi), two of the most popular exchanges in terms of trading volume. This will expand the range of options available to users who wish to trade the stablecoin. The price of LUNA (the governance asset of Terra project) has surpassed $100 after these announcements.

Huobi and Binance Pay Attention to UST

UST, the most widely used stablecoin, was released by the Terra project. Two of the world’s largest exchanges have now included it on their platforms. Huobi, an Asian exchange announced that it would include the asset into its Pioneer Zone on December 23rd. It also launched a contest offering 210,000 UST to platform participants to encourage the trade of the currency.

Binance also announced the listing of the stablecoin that same day. It stated it would offer three different UST trading pairs, UST/BTC/BUSD and UST/USDT. Huobi, however, only confirmed one trading pair against USDT. Do Kwon (founder and CEO of Terraform Labs), was happy to hear the news .

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Record Breaking Again for LUNA

In the past week, the Terra stablecoin market cap has seen significant growth. It went from $8.8 Billion on December 18, to nearly $9.8 Billion on December 24. More than 200 million UST were minted within a matter of hours after Binance’s announcement. According to the dynamics of the token’s issuance, this might have contributed to the increase in the price for LUNA.

UST is produced using LUNA, which is the Terra governance token. The supply of UST shrinks as more UST are minted. This makes it a less-expensive product. Depending on market conditions, this could lead to a possible price increase.

The price of LUNA jumped after the listing announcements, surpassing its December 20th all-time high, which was just over $80. This was when UST flipped DAI, the Ethereum-collateralized stablecoin, as the most valuable decentralized stablecoin cryptocurrency project. Yesterday’s price of LUNA was $100.84. This was due to the rebound in the cryptocurrency market. Since then, it has retraced to a little over $95