Binance Futures will list the USDS-M USTC perpetual contract with 50x leverage.
According to a blogpost on Binance, perpetual contracts will launch on Nov. 27 at 12:30 UTC. The maximum funding rate for the USTCUSDT perpetual contract at launch is +2.00% / -2.00%. The frequency of calculation of the funding commission is every four hours.
The USDS-M USTC perpetual contract in crypto is a type of derivative contract on the cryptocurrency market, allowing traders to speculate on the future price of the USTC stablecoin against the USDS-M, another stablecoin, without an expiry date. This contract enables leveraged trading, providing opportunities for profit (or loss) based on price movements of USTC relative to USDS-M.
Depending on market risk conditions, Binance may from time to time adjust the specifications of the USTCUSDT Perpetual Contract, which include funding fees, tick size, maximum leverage, initial margin and/or maintenance margin requirements.
“Qualified USDS-margined futures liquidity providers will be eligible to enjoy 0.005% maker fee rebates for trades on the USTCUSDT Perpetual Contract for approximately 14 to 15 days.”
Binance blog
USTC is Terra Classic’s algorithmic stablecoin, formerly known as UST, which depegged significantly following the Terra crash. In Sept., the Terra Classic community voted to end the Terra Classic USD minting.
Terra allowed UST to be freely exchanged for the LUNA cryptocurrency. Terra Classic hopes to eventually help the coin regain USTC’s original parity with the US dollar by burning the trillions of LUNC that were created during the collapse. According to LUNC Metrics, to date, only 75 billion of the nearly 6 trillion tokens in circulation have been withdrawn from circulation.
Source: https://crypto.news/binance-futures-to-list-usds-m-ustc-perpetual-contract-with-50x-leverage/