Terra USD Overtakes BUSD to Rank 3rd Among Stablecoins

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.

Terra USD

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.

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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.

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