With a market cap of over $17 billion, the stablecoin TerraUSD (UST) became the third largest stablecoin crypto. Another key milestone achieved by the fast-growing stablecoin in the Terra ecosystem.
The market capitalization ofUST of Terra surpasses that of BUSD.
the stablecoin UST of Terra exceeded the market capitalization of the BUSD since April 18, hitting more than $17.5 billion, according to a tweet from Terrians. the BUSD is a stablecoin regulated by the NYDFS issued by the largest stock exchange in the world, Binancein cooperation with Paxos Platform.
The Terra ecosystem whoseUST in particular, have enjoyed unquestionable success in recent months. The current market capitalization of theUST is the second after theUSDT and theUSDCand is the third largest of all stablecoins. The market capitalization ofUST currently ranks 13th in the overall market. UST has traded over $244,000 in the last 24 hours.
In contrast, trading volumes indicate that the growing market capitalization ofUST is more related to its reserves and the circulation of tokens than to the actual demand for tokens. The biggest platform Challenge of Terra, anchor Protocol (CNA)currently holds nearly two-thirds of the supply UST via staking and deposits.
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According to the reserves dashboard of LFG, Ihe total value of the portfolio is currently $2.42 billion. Thus, the portfolios of LFG include:
- nearly $1.7 billion in BTC,
- $549.89 million in other stablecoins ERC-20 and
- $176.97 million in LUNA.
makeUST the main stablecoin
Also, Do Kwon also hopes to become the largest Bitcoin holder after Satoshi Nakamoto by continually buying Bitcoin to build up reserves for the stablecoin UST.
Terra also announced adding reserves by buying for $100 million in Avalanche tokens (AVAX) as part of a “cash swap” between LUNA and AVAX. AVAX is the first significant cryptocurrency other than Bitcoin, and the token AVAX designated is added to the reserve UST according to protocol OTCand finally enters the reserve stablecoin.
The data suggests that the goal of Terra founder Do Kwonof farea of theUST the stablecoin most widely used is far from being reached despite a constant strike. The continuous efforts of LFG to build up reserves also put some pressure on the price of LUNA, which fell 14% last week.
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Terra’s UST becomes the third largest stablecoin in the crypto market.
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