Terra’s UST flips BUSD to become third-largest stablecoin

The Terra (LUNA) blockchain’s algorithmic stablecoin TerraUSD (UST() has been flipped BinanceUSD (BUSD) to becomeThe third-largest stablecoinAvailable on the market

USTUSD-pegged stablecoinIt was launched in September 2020. ItsMinting mechanism requires a user toYou can burn a reserve asset, such as LUNA toYou can also mint an equivalent amount UST.

According to Coingecko, UST’s total market capitalization has surged 15% over the past 30 days toAt the time of writing, it was estimated at $17.5 billion TheFigure currently places USTAs the third-largest stablecoinIt was then flipped. BUSDThe market cap for the company is $17.46 billion lower than it was in 2017.

TheAsset now trails only industry giants Tether(USDT) $82.8 billion, and USD Coin(USDC), $50 billion. However, this gap is significant at this stage.

TheData also show that USTSince mid-2009, has been on a meteoric riseNovemberThe market cap has increased by 525% in the past two years.

Terra's UST flips BUSD to become third-largest stablecoin
UST Market cap: Coingecko

DespiteFlipping BUSDMarket cap is USTTrades volumes that are significantly lower than its immediate competitor Binance’s stablecoinIn the last 24 hours, $2.26 trillion worth of trading volume was recorded to UST’s $431.79 million.

TerraLately, has been the most talked about topic due in part to to co-founder Do KwonRecently, the project’s CEO, John McGovern, promised that the project would bring in an astounding $10 billion. Bitcoin (BTC) toIts zurück UST reserves.

Related Terraform LabsGifts to another $880M to Luna Foundation Guard

MuchBullish announcements, however, are not making much, just like the wider crypto market. toLUNA prices will increase. The token’s price is down 12.4% over the past 30 days toIt is currently at $77.31, which is down 34.4% from its short all-time high of $119.18 April 5.