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Finance

Stablecoin Lender Liquity's Token Rises 35% on Binance Listing

LQTY hit a 10-month high of $1.82 as trading volume surged by 382%.

By Oliver Knight
AccessTimeIconFeb 28, 2023 at 11:07 a.m. UTC
Updated May 9, 2023 at 4:09 a.m. UTC
LQTY rises by 35%. (Cryptowatch)
LQTY rises by 35%. (Cryptowatch)

LQTY, the native token of stablecoin lender Liquity, soared 35% Tuesday after it was listed on crypto exchange Binance's Innovation Zone.

At the time of writing, LQTY was changing hands at a 10-month high of $1.82 as trading volume surged by 382%, according to CoinMarketCap.

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    • Bitcoin (BTC) and tether (USDT) trading pairs will go live on Binance at 11:00 UTC on Tuesday along with a USDT derivative pair.

    The Liquity token rose 45% earlier this month after the New York State Department of Financial Services ordered Paxos to stop minting its centralized dollar-pegged cryptocurrency BUSD.

    Liquity is an Ethereum-based protocol that offers interest-free loans in the form of the LUSD stablecoin for users who deposit ether (ETH).

    The protocol has $596 million in total value locked, according to DefiLlama.

    Binance's Innovation Zone is a venue where users can trade new tokens that are likely to have higher volatility and pose a higher risk than other tokens, according to Binance's website.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight
    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Follow @OKnightCrypto on Twitter