The Terra blockchain algorithmic stablecoin Terra USD (UST) has overtaken Binance USD (BUSD) to become the third largest stablecoin on the market.
UST is a USD-pegged stablecoin that launched in September 2020. The minting mechanism involves burning a reserve asset such as Terra ( LUNA ) in order to mint an equivalent amount of UST.
According to CoinGecko, UST's total market cap is up 15 percent over the past 30 days and stands at around $17.5 billion at press time. This makes UST the third largest stablecoin at the moment. It was able to overtake BUSD, which has a market cap of $17.46 billion.
The asset now trails only industry giants Tether ( USDT ) at $82.8 billion and USD Coin ( USDC ) at $50 billion. The gaps are still very large.
The data also shows that UST has been on a steep climb since mid-November, with its market cap up 525 percent since then.
While UST is level with BUSD in terms of market cap, the trading volume is significantly lower than its competitor. Binance's stablecoin saw $2.26 billion in trading volume in the last 24 hours, while UST saw just $431.79 million.
Terra has been making headlines lately. For example, co-founder Do Kwon recently announced that the project intends to buy $10 billion worth of Bitcoin ( BTC ) to collateralize its UST reserves .
However, the bullish announcements did little to boost Luna's price. The token’s price has fallen 12.4 percent over the past 30 days and is now trading at $77.31. It's down 34.4 percent from its brief all-time high of $119.18 on April 5.
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