A stable coin called Terra’s UST has outperformed BUSD, becoming the third-largest stablecoin in size.
A stablecoin called Terra USD (UST), which is based on the Terra (LUNA) blockchain has beaten Binance USD (BUSD) to become the third-largest stable coin on the market.
UST is a stable coin that is based on the value of the US dollar. It will be launched in September 2020. In order to mint UST, a user must use a reserve asset like LUNA and then use that same amount to make the same number of new coins.
In the last 30 days, Coingecko says that UST’s total market value has risen by 15%. It now stands at about $17.5 billion. When it comes to market value, UST is now the third most valuable stablecoin. It beat BUSD’s $17.46 billion market value to become the third most valuable.
Tether (USDT), an industry leader, has a market value of $82.8 billion, while USD Coin has a value of $50 billion. At this point, the difference is huge.
Since mid-November, UST has been going up and up, and the market capitalization has grown a lot.
Despite having a higher market value than BUSD, UST is trading at a much lower volume. Binance’s stablecoin, BUSD, had $2.26 billion worth of trading in the last 24 hours, while UST had $431.79 million.
In part, this is thanks to Do Kwon, the project’s co-founder, who recently said that Terra would buy $10 billion worth of Bitcoin (BTC) to back its UST funds.
Terraform Labs donates $880 million from their fund to the Luna Foundation Guard.Cryptocurrency prices aren’t going up because people are saying good things about LUNA, like the rest of the market does.
The token’s price has dropped 12.4 percent in the last 30 days.It has also fallen 34.4 percent from its all-time high of $119.18 on April 5, when the price was $119.18.
