The comment of the chief of Binance has affected the TerraClassicUSD in a positive direction as the token gains a 15% gain in the past 24 hours, at a time when the broader crypto scene is witnessing a market-wide correction. USTC’s recent rally comes on the heels of comments made by Binance CEO Changpeng “CZ” Zhao about the asset.
In a recent analysis by prominent crypto users, analyst and influencer Miles Deutscher asserted that the UST project had the right vision amid the regulatory situation with Paxos and BUSD. This statement came as a result of the issue between Paxos and Binance as the latter said that it would sever its relationship with Binance and discontinue the issuance of new BUSD on February 21 due to a directive from the New York Department of Financial Services.
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Recall that Terra USD (UST) was Terra stablecoin. After the crash of the Terra ecosystem, old UST was given the name TerraClassicUSD (USTC).
Speaking on the development, Deutscher noted that UST had the right vision, only that the mode of executing this vision was poor. “But the need for a robust decentralized stablecoin hasn’t gone away,” he added.
Binance CZ’s Comment Effects TerraclassicUSD Positively
Following the statement by Deutscher, CZ, the Binance chief, saying “sad but true,” he remarked in a tweet. The Terra Classic proponents’ reaction has been storming the online following the CZ’s comment, notifying the chief Binance that the best approach now is to rejuvenate USTC and execute it in the right direction, with some disclosing that the steps towards achieving this goal are already underway, referring to the recent re-peg proposal.
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Following the CZ’s statement, there has been a positive of UTSC’s price, as the stablecoin surged by 27% to a high of $0.0343 this morning before facing slight opposition. The asset changes hands at $0.03206 as of press time, retaining a 15% gain in the past 24 hours. This makes it the highest gainer on CMC’s list of top 150 assets in the last 24 hours.