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Terra’s UST Outperforms BUSD, Becomes Third Largest Stablecoin -Breaking

by Mike Robinson

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Terra’s UST Outperforms BUSD, Becomes Third Largest Stablecoin
  • USDT is now the third largest stablecoin after Binance USD.
  • UST’s total market value increased by 15% in the last 30 days.
  • Despite the market value, UST trade is lower compared to Binance’s stablecoin.

Terra USD (UST), the algorithmic stablecoin on the Terra (LUNA) blockchain, has surpassed Binance USD (BUSD) to become the market’s third-largest stablecoin.

UST, a USD-based stablecoin was launched in September 2020. To mint an equal amount of UST, the user must first burn LUNA or another reserve asset.

According to Coingecko, UST’s total market value has increased by 15% in the last 30 days to hit around $17.5 billion. UST is now the third most valuable stablecoin in terms of market value, having beaten BUSD’s $17.46 billion market value.

At $82.8 Billion and at $50 Billion, the asset is trailing only (USDT), which is an industry giant. However, this disparity at this point can be huge.

UST is experiencing a rapid rise in market capitalization since mid-November.

Despite outperforming BUSD in terms of market value, UST is trading at a far lower volume, with Binance‘s stablecoin witnessing $2.26 billion in trading activity over the last 24 hours compared to UST’s $431.79 million.

Terra recently made news, owing in part to Do Kwon, the project’s co-founder, who recently pledged that the initiative would amass an astounding $10 billion in (BTC) to back its UST reserves.

Luna Foundation Guard gets $880 Million from Terraform Labs. Bullish statements, like the rest of the crypto market, aren’t helping LUNA’s price rise.

The token’s price has dropped 12.4% in the last 30 days to $77.31, and it has also dropped 34.4 percent from its all-time high of $119.18 on April 5.

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