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%.

AccessTimeIconFeb 28, 2023 at 11:07 a.m. UTC
Updated May 9, 2023 at 4:09 a.m. UTC

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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    Oliver Knight

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