The world’s largest cryptocurrency exchange, Binance, has announced that it now allows staking Terra’s stablecoin for UST.
Binance has added support for Terra (LUNA) UST stablecoin, which provides annual returns of up to 19.63%.
Binance first announced its plan to launch DeFi staking in August 2020. Initially, he staked Dai, the stablecoin of the MakerDAO platform.
Terra (LUNA) recently managed to reach an all-time high of $119.18.
Terra’s UST is the largest decentralized stablecoin with a market cap of $16.6 billion. Unlike Tether’s USDT and Circle’s USDC, it is controlled by a central party.
UST offers much higher APY than competitors such as Anchor Protocol, Dai and USDC. Terra founder Do Kwon stated in a recent tweet that this rate is available to more than 30 million Binance users.
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