Terra’s UST Takes Over BUSD to Become Third-Largest Stablecoin

Terra ecosystem’s TerraUSD (UST) stablecoin has surpassed Binance USD (BUSD) in terms of market cap to become the third-largest stablecoin. With a market cap of $17 billion, UST is now only behind Tether and USD Coin, which have a market cap of $82 billion and $49 billion respectively. UST Becomes Third Largest Stablecoin Despite flipping BUSD in terms of market cap, 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. However, Terra’s UST has been on a meteoric pump 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 Luna Foundation Guard (LFG), a non-profit organization behind the Terra ecosystem, has been recently under the headline for serially accumulating Bitcoin. Infact, LFG’s treasury now has over 42,000 BTC and is currently the eighteenth largest bitcoin holder in the world. Co-founder Do Kwon even recently vowed that LFG will accrue a whopping $10 billion worth of Bitcoin (BTC) to back its UST reserves. All these have also led to its LUNA token hitting an all-time high. Overall, the Terra network expects to ad...