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Binance to Launch USTC Perpetual Contract Amid Crypto Surge

Published Nov 27, 2023 11:42
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Cryptocurrency exchange Binance is set to introduce a new USTC perpetual contract today at 12:30 UTC, offering traders up to 50x leverage. This development follows recent price increases for USTC and LUNC, two tokens associated with the Terra ecosystem which experienced significant volatility earlier this year.

The new derivative product will allow trading against USDT and feature a funding rate of ±2.00%, recalculated every four hours. Binance's introduction of the contract aligns with its strategy to provide diverse trading options in response to market demand. The exchange has also implemented measures to safeguard against market risks, retaining the ability to adjust contract terms if necessary.

In addition to the contract's launch, Binance is incentivizing participation by offering maker fee rebates to select liquidity providers for approximately two weeks following the contract's introduction. This rebate is set at 0.005%, aimed at attracting more activity and ensuring liquidity for the new trading instrument.

The move by Binance comes after USTC—formerly known as TerraUSD—halted minting and introduced a burn mechanism for its sister token LUNC. These steps were taken in an effort to reduce the tokens' supply and help USTC reestablish its peg to the USD. The adjustments are part of broader efforts to stabilize the tokens after the Terra crash, which had previously disrupted their dollar parity and impacted investors globally.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Binance to Launch USTC Perpetual Contract Amid Crypto Surge
 

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