October 5, 2022
Chicago 12, Melborne City, USA
Crypto

Terra’s Stablecoin UST Is Now Crypto’s Third Biggest

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Terra’s US dollar-pegged algorithmic cryptocurrency is rising up the UST ladder and now ranks third in terms of overall market capitalization.

Today, the rapidly growing Terra USD (UST) stablecoin from the Terra ecosystem has crossed another important point, with a market value of over $ 17 billion.

As of Tuesday, UST has surpassed the BSC-based stablecoin BUSD by more than $ 67 million in market capitalization.

To mint the equivalent UST, a user must burn a reserve resource like Terra (Luna).

UST is making headlines

This year, the Terra blockchain network is the talk of the crypto world. Terra’s native cryptocurrency LUNA has bounced the 24-hour high after participating in the Greater Market Recession over the weekend.

Terra (LUNA) is currently trading 15% higher at $ 90, with a market value of $ 32 billion. This development makes Terra Cardano the eighth largest cryptocurrency by market cap, surpassing the ADA.

As of this writing, the leading stable coin is Tether (USDT), with a market cap of $ 82 billion. USD Coin (USDC) is in second place with a market cap of about $ 50 billion

Suggested Reading | Terra (Luna) surpasses the popular crypto ether, Dodgecoin, in the last 24 hours.

LUNA total market cap at $31.10 billion on the daily chart | Source: TradingView.com

UST is formed by burning a single tera (LUNA), the original cryptocurrency of the tera network.

Other types of decentralized stabilization schemes, such as Macardao’s DAI, rely on an additional parallel approach to maintain token pegs in dollars.

In the last 509 days or 16 months, the price of Terra Stablecoin UST has risen sharply.

In addition, recent data indicate that UST stratospheric growth has increased since mid-November, with the market cap rising 525 percent.

Low trade volume

Despite surpassing BUSD in terms of market capitalization, UST traded at a much lower volume than its immediate competitors, with Binance’s Stabilcoin witnessing a trading volume of $ 2.25 billion in the last 24 hours, compared to UST’s $ 431.78 million.

Terra, on the other hand, has recently made headlines for its Bitcoin acquisition. The Luna Foundation, the parent organization of the Guard (LFG), has earned about 30,000 BTC to act as a peg and reserve for its UST stablecoin.

But, there is a lot going on behind the scenes. LFG wants to acquire Bitcoin worth a total of 10 410 billion.

However, like the expanding crypto market in recent months, bullish announcements are doing nothing to raise the price of LUNA.

Token prices have fallen 12.5% ​​to $ 77.30 in the last 30 days, and are down 34.3% since reaching an all-time high of $ 119.18 on April 5.

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