Terra’s UST has taken over from BUSD to become the third-largest Stablecoin. Reaching a market cap of $17 billion, UST is now next to Tether and USD Coin, which have a market cap of $82 billion and $49 billion respectively.
UST is trading in volumes just below Binance’s stablecoin $2 billion worth of trading volume over the past 24 hours compared to UST’s $431 million. Terra’s UST has been on an increase since mid-November, with the market cap increasing by 525% since then.
According to CoinGecko, the market value of Terra’s stablecoin UST reached $17.5 billion on April 18, surpassing BUSD’s $17.4 billion, becoming the third-largest stablecoin after USDT and USDC. But UST’s trading volume is very low, only 1/5 of BUSD.
— Wu Blockchain (@WuBlockchain) April 18, 2022
The non-profit organization behind the Terra ecosystem, The Luna Foundation Guard (LFG), has been recently under the headline for serially accumulating Bitcoin. LFG’s treasury now has over 42,000 BTC and is currently the eighteenth largest bitcoin holder in the world. Do Kwon who is the Co-founder recently vowed that LFG will accrue a whopping $10 billion worth of Bitcoin (BTC) to back its UST reserves.
Its LUNA token has also hit an all-time high and the Terra network expects to add 160 new projects by the end of the year.