Terra’s UST Becomes Third-Largest Stablecoin

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.

Terra’s UST Becomes Third-Largest Stablecoin
Terra’s UST Becomes Third-Largest Stablecoin

 

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.

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.