Terra’s US dollar-pegged algorithmic cryptocurrency UST is moving up the ladder and now ranks third in terms of overall market capitalization. Today, the fast-growing Terra USD (UST) stablecoin from the Terra ecosystem passed another pivotal point, reaching a market valuation of more over $17 billion. As of Tuesday, UST had eclipsed the BSC-based stablecoin BUSD in market capitalization by more than $67 million. UST was operations in September 2020. To mint an equivalent amount of UST, a user must burn a reserve asset such as Terra (LUNA). UST Making Headlines This year, the Terra blockchain network has been the talk of the crypto world. Following its participation in the broader market downturn over the weekend, Terra’s native cryptocurrency LUNA has had the highest 24-hour bounce. Terra (LUNA) is currently trading 15% higher at $90, with a market valuation of $32 billion. Terra has surpassed Cardano’s ADA to become the eighth-largest cryptocurrency by market cap as a result of this development. As of this writing, the leading stablecoin is Tether (USDT), which has a market cap of $82 billion. USD Coin (USDC) is ranked second with a market cap of nearly $50 billion. Suggested Reading | Terra (LUNA) Outperforms Popular Cryptos Ether, Dogecoin In The Past 24 Hours LUNA total market cap at $31.10 billion on the daily chart | Source: TradingView.com UST is formed by burning a single terra (LUNA), the T...
What Happened In Crypto This Week?
