- The data also shows that UST has been on a parabolic rise since mid-November, with a 525 percent increase in market cap since then. Although possessing a higher market capitalization than BUSD, UST trades in far smaller volumes, with Binance’s stablecoin seeing $2.26 billion over trading activity in the last 24 hours compared to UST’s $431.79 million.
- Bullish statements, like the rest of the crypto market, haven’t done anything to boost the price of LUNA recently. The token’s price has dropped 12.4% in the last 30 days to $77.31, and it has dropped 34.4 percent since hitting an all-time high of $119.18 on April 5.
- UST’s entire market capitalization has increased by 15% in the last 30 days, to $17.5 billion at the time of writing, according to CoinGecko. Following trading places with BUSD, which has a significantly reduced market valuation of $17.46 billion, UST is the world’s third stablecoin.
The market capitalization of the United States dollar has risen to equal that of the British pound. However, it barely accounts for about a fifth of the value of the Binance digital dollar in terms of the trading volume. Terra USD (UST), the Terra blockchain’s algorithmic stablecoin, has surpassed Binance USD (BUSD) to become the market’s third-largest stablecoin.
Entire Market Capitalization Has Increased
UST seems to be the US dollar-pegged stablecoin that first launched in September 2020. Its minting technique necessitates the burning of a reserve asset, such as Terra (LUNA), in order to mint an equivalent quantity of UST. UST’s entire market capitalization has increased by 15% in the last 30 days, to $17.5 billion at the time of writing, according to CoinGecko. After flipping BUSD with a slightly lower market cap of $17.46 billion, the statistic now positions UST as the third-largest stablecoin.
The Project Will Amass $10 Billion In Bitcoin
Only Tether (USDT) ($82.8 billion) and USD Coin (USDC) ($50 billion) is larger assets in the business. However, at this point, the chasm is rather wide. The data also shows that UST has been on a parabolic rise since mid-November, with a 525 percent increase in market cap since then. Although possessing a higher market capitalization than BUSD, UST trades in far smaller volumes, with Binance’s stablecoin seeing $2.26 billion over trading activity in the last 24 hours compared to UST’s $431.79 million.
Terra has been making headlines recently, thanks in part to co-founder Do Kwon’s recent announcement that the project will amass $10 billion in Bitcoin (BTC) to back its UST reserves. Bullish statements, like the rest of the crypto market, haven’t done anything to boost the price of LUNA recently. The token’s price has dropped 12.4% in the last 30 days to $77.31, and it has dropped 34.4 percent since hitting an all-time high of $119.18 on April 5.
Source: https://www.thecoinrepublic.com/2022/04/18/terras-ust-had-surpassed-busd-as-such-third-highest-famous-stablecoin/