Terra’s UST Toss Binance USD To Be 3rd Largest Stablecoin! How Will This Impact LUNA Price?

The post Terra’s UST Toss Binance USD To Be 3rd Largest Stablecoin! How Will This Impact LUNA Price? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The Terra Luna, a blockchain network that is built using cosmos is a stablecoin creation. Now, Terra (LUNA) blockchain’s algorithm stablecoin Terra USD (UST) has taken over Binance USD (BUSD) to become the third-largest stablecoin on the crypto market.

Terra USD (UST) which was launched in September 2020 is a USD-pegged stablecoin. Here if a user wants to mint Terra USD, then he is required to burn a reserve asset such as LUNA so that the user can mint an equivalent amount of UST.

Terra USD (UST)’s total market capitalization has climbed by 15% over the last 30 days as it is positioned at roughly $17.5 billion. This surge has pushed Terra USD (UST) to take over Binance USD as the third-largest stable coin. Binance USD’s market cap is slightly lower at $17.46 billion.

Currently, Terra USD is just behind Tether (USDT) which is at $82.8 billion, and also at the back of USD Coin (USDC) at $50 billion.

As per the reports, since mid-November, Terra USD is on a meteoric pump, and also the asset’s market capitalization has increased by 524%.

Though Terra USD has flipped Binance USD in terms of market cap, UST has declined in terms of volume when compared to Binance USD as Binance USD is currently at $2.26 billion over the last 24hrs and UST’s volume is trading at $431.79 million.

Recently, Terra’s co-founder Do Kwon was in the headlines after he promised that the project will raise $10 billion worth of Bitcoin to back its UST reserves.

At the time of writing, Terra USD (UST) is trading at $77.84 with a drop of 4.52% over the last 24hrs and also over the past 30 days the currency is down by 12.4%.