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Terra UST in the fast lane: BUSD ranks 4th among the stablecoins

 


Terra's UST outperforms BUSD on its surge to become the third largest stablecoin.


Terra (LUNA)'s Terra USD (UST) market cap has exploded, with stablecoin BUSD trailing behind. However, the trading volume itself is still only a fifth of Binance USD.


UST is a USD-pegged stablecoin that was launched in September 2020. The minting mechanism requires a user to burn a reserve value such as LUNA in order to mint a corresponding amount of UST.


UST's total market cap has increased by 15% over the past 30 days to around $17.5 billion. After BUSD has a slightly lower market cap of $17.46, UST has managed to jump to number 3.


Ahead of UST are the largest stablecoins, Tether (USDT) with USD 82.8 billion and USD Coin (USDC) with USD 50 billion. However, the gap there is still very large.


The data also shows that UST has been on a steady rise since mid-November, with its market cap up 525% since then.


Although BUSD has moved down in terms of market cap, UST's volume is well behind its peers, with Binance's stablecoin recording a trading volume of $2.26 billion over the past 24 hours compared to UST's on the high of $431.79 million.


Terra has been making headlines lately, in part due to co-founder Do Kwon promising that the project will buy $10 billion worth of Bitcoin to fund its UST reserves.


However, as with most altcoin projects, the bullish announcements are doing little to push LUNA's price higher. The price of the token has fallen by 12.4% to $77.31 in the last 30 days. The all-time high was $119.18 on April 5 and is down 34.4% from it.

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