Terra USD Overtakes BUSD to Rank 3rd Among Stablecoins
UST, the stablecoin of the Terra blockchain has overtaken Binance Chain’s native stablecoin, BUSD to become the third most valuable stablecoin
Terra USD’s market capitalization has gained more than 14% over the past 30days to reach $17.5 billion
The stablecoin was officially launched in late 2020 and has added more than 525% in market cap within the last 5 months
UST, the algorithmic stablecoin of the Terra blockchain has flipped BUSD to become the third-largest stablecoin in the crypto market.
UST, which was launched in September 2020, is a stablecoin that is pegged to the US dollar. Its minting mechanism is designed in such a way that users have to burn a reserve asset (LUNA) to mint an equivalent amount of UST.
Data from CoinMarketCap shows that the market capitalization of the Terra USD has surged by more than 15% in the past 30 days to reach $17.5 billion. The astronomical rise has put UST slightly ahead of BUSD with a lower market cap of $17.46 billion.
At this time, the asset trails only Tether’s USDT ($82.8 billion) and USD Coin ($50 billion) in terms of market capitalization.
Data has also revealed that UST has been on a steady pump since November, as the market cap has gone up by 525% since then.
Despite overtaking BUSD in terms of market cap, the Terra USD remains significantly below the former in terms of trading volume. While Binance’s stable has a trading volume of $2.26 billion in the past 24 hours, UST’s trading volume is only $431.79 million.