Flipping BUSD - Terra's UST Now the Number 3 Stablecoin per Market Capitalization (News Brief)
Terra's algorithmic stablecoin, Terra USD (UST), has flipped BUSD (Binance USD) to become the third largest stablecoin on the crypto markets in terms of market capitalization. Checking CoinGecko, UST's market cap increased a whopping 15% over the past 30 days. As such, UST's market cap is presently roughly $17.5 Billion, flipping BUSD which presents a $17.46 Billion market cap.
By assuming this third position, UST now only trails Tether (USDT) with a market cap of $82.8 Billion in first position, and, USD Coin (USDC) with a market cap of $50 Billion in second position. Note the very large gap in market caps between second position USDC and UST in third. UST will be required to continue its present course of meteoric growth to catch and surpass USDC to claim the second position. Since mid-November 2020 to date, as shown on the following graph, UST's market cap has increased 525%:
One final note: even though this flip took place in terms of market cap, BUSD still commands in terms of trading volume having posted $2.26 Billion in trading volume over the past 24 hours with UST posting only $431.79 Million over the same period. On Twitter, Wu Blockchain tweeted:
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