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Algorithmic Stablecoin, based on the Terra Network (LUNA), became the third-largest Stablecoin token by market capitalization at $17.54 billion. To date, the market capitalization of UST has exceeded the market capitalization of BUSD, based on BSC, by more than $67 million.
Stablecoin Terrausd has surpassed the market valuation of BUSD
There is a new leader in the stablcoin world, as the dollar-linked algorithmic cryptocurrency Terra now ranks third among stablcoins in overall market valuation. According to statistics, terrausd (UST) issuance has increased 14.9% in the last month, and the market value of this stabelcoin is now about $17.54 billion. On Monday, April 18, 2022, the stablecoin cryptocurrency managed to outperform BUSD, which currently has a market value of about $17.47 billion.
This milestone also means that UST is the largest decentralized stablecoin among the two centralized stablecoins behemoths. It is well known that the centralized steablecoin tether (USDT) is the largest steablecoin to date with a market capitalization of about $82.6 billion. The second largest market valuation among stablcoins is usdcoin (USDC), with a capitalization of $49.8 billion at the time of writing.
Although Terra’s UST is the third largest, it is only 21.23% of USDT‘s total value. Today, however, Terra’s UST is 35.22% of the USDC market value. In terms of market value size, UST is now valued at more than $67 million higher than BUSD, which is also a centralized stablcoin. BUSD’s reserve assets are held at digital currency company Paxos, while UST’s algorithmic stabelcoin is created by combustion using the Terra network.
UST is essentially created by burning one U.S. dollar into terra (LUNA), the native crypto-asset of the Terra network. Other types of decentralized stable coin projects, such as Makerdao’s DAI, use an overcollateralization process to keep the token tied to the value of one U.S. dollar. Terra’s UST stable token has grown exponentially over the past 509 days or 16 months. On November 25, 2020, UST’s circulating supply was 13.2 million coins, and since then, UST’s supply has increased by 132,504%.
Image credits: Shutterstock, Pixabay, Wiki Commons
