- Terra’s UST might flip the significant meme coin Dogecoin (DOGE) by market capitalization.
- Terra was recently in the limelight due to its Luna Guard Foundation and its massive BTC reserves.
- The third largest stablecoin UST has a market cap of $17,516,138,608 and that of Dogecoin is $17,992,252,671.
UST, Terra’s stablecoin, has acquired the position of third-largest stablecoin by market cap, surpassing Binance USD (BUSD).
And the currency data shows that Terra is in a position to surpass Dogecoin (DOGE), which is the most prominent meme coin.
Terra is a Proof-of-Stake blockchain protocol and a next-generation smart contracts platform that merges decentralized finance with the concept of Stablecoins. It competed with Ethereum (ETH) and other blockchains networks.
Terra has been in quite a limelight lately due to the Luna Guard Foundation (LGF) nonprofit. And also because its founder Do Kwon, recently highlighted that $UST would be the first internet native currency to carry out a Bitcoin standard in its monetary policy. LGF has secured a massive Bitcoin reserve for the stablecoin.
Via the LUNA sale and other ways, the Luna Guard Foundation has secured $2.2 billion to create a Bitcoin (BTC) reserve for the stablecoin with the aim of hitting $10 billion in the crowned cryptocurrency.
Tether (USDT) and USD Coin (USDC) stay to be the two biggest stablecoins by market cap, which are $82 Billion and $50 Billion, respectively.
Whereas at the time of writing, the third-largest stablecoin UST has a market cap of $17,516,138,608 and that of Dogecoin is $17,992,252,671. And it can be seen how close they are by their respective market caps.
Terra’s native token is LUNA, which is utilized to keep an algorithmic stablecoin peg to the US Dollar. Terra facilitates the users with an arbitrage opportunity by enabling them to burn LUNA governance tokens to dilute the supply of UST and keep it stably pegged.
Although Terra USD seems to be on its way to flipping Dogecoin by market cap, it is to look forward if this happens.
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Source: https://www.thecoinrepublic.com/2022/04/18/can-terras-ust-outdo-the-running-doge/