Early yesterday, the entire US market was so busy and excited looking at the massive surge of the TerraUSD (UST). As a remarkable turnover, Terra’s UST surpassed the Binance USD (BUSD) and became the 3rd largest stablecoin by market value. Surprisingly, the surge is over $17.5 billion with a rise of 15% in its market capitalization.
As TerraUSD (UST) is the fastest growing stablecoin at present, the achievement gives another key milestone for the entire Terra ecosystem. More so, the first two place holders are Tether (USDT) the leading stablecoin with $82B market cap. Following, the USD Coin (USDC) with $49 billion as its market cap.
Terra’s UST flips BUSD
Further, Terra’s UST has started to pump its market price since mid of November 2021. And thereby gradually increasing its market cap by 525% since then. Thus, with a smart performance UST became the crypto’s third-largest stablecoin, overtaking BUSD with a slight difference on April 18.
Interestingly, Binance USD (BUSD) is standing at a market value of $17.4 billion at the time of writing. and there it missed its place in a very slight difference. Moreover, Binance’s stablecoin (BUSD) is holding a daily trading volume of $2.26 billion over the last 24 hours.
Besides, the UST is the United States dollar-pegged stablecoin which was introduced by the Terra’s community in September 2020. Since then, within 2 years the UST stablecoin is performing massive records achieving remarkable key milestones to its ecosystem. In addition, the user has to burn a reserve asset, the Terra (LUNA) to mint the same amount of UST.
And now, the UST stablecoin is the trending talk of the town thereby proudly positioning as the third largest stablecoin in the market. More so, the continuous bullish moment for Terra’s stablecoins will raise the market value for the entire Terra ecosystem.
According to CoinMarketCap, the current market value of TerraUSD is $1.00 USD with a surge of over 0.03% in the last 24 hours. However, with drastic fluctuations in the price graph, the UST stablecoin ranks third by its market value.