Terra UST is now the third-largest stablecoin. UST is a USD-pegged stablecoin that was launched in September 2020. Its minting mechanism requires a user to burn a reserve asset such as LUNA to mint an equivalent amount of UST.
Despite flipping BUSD in terms of market cap, UST is trading in volumes well below its immediate competitor, with Binance’s stablecoin seeing $2.26 billion worth of trading volume over the past 24 hours compared to UST’s $431.79 million.
According to CoinGecko, the market value of Terra's stablecoin UST reached $17.5 billion on April 18, surpassing BUSD's $17.4 billion, becoming the third-largest stablecoin after USDT and USDC. But UST’s trading volume is very low, only 1/5 of BUSD.
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