Terra’s UST Now Surpasses BUSD As the Third-Largest Stablecoin In Terms Of Market Cap
According to Terrians’ tweet, Terra’s stablecoin UST has surpassed BUSD market cap since April 18, reaching over $17,5 billion. BUSD is an NYDFS-regulated stablecoin issued by the world’s largest exchange, Binance, in partnership with Paxos Platform.
Terra, in general, and UST, in particular, have seen unquestionable success in recent months. Behind only USDT and USDC, UST currently has the third-largest market cap of all stablecoins. UST’s market cap is presently 13th in the whole market. UST’s trading volume in the last 24 hours was over $244,000.
At the time of publishing, according to LFG’s reserves running dashboard, LFG’s wallet presently includes nearly $1.7 billion in BTC, $549.89 million in other ERC-20 stablecoins, and $176,97 million in LUNA. The total value of the wallet now reaches $2,42 billion.
Bitcoin still holds the largest share of total assets with 70%, followed by USDC with 16,5%, LUNA with 7.3% and finally USDT with 6.3%. Luna Foundation Guard will also have the second-largest bitcoin wallet after Binance’s cold wallet if it achieves its objective of acquiring $10 billion in bitcoin.
Do Kwon claimed that Terra will come the world’s largest Bitcoin holder in the future. Do Kwon wants to become the largest Bitcoin holder after Satoshi Nakamoto by continuously purchasing Bitcoin for building reserves for the UST stablecoin.
Terra announced that it had added to its reserves by purchasing Avalanche (AVAX) tokens worth $100 million in a ‘treasury Swap’ between LUNA and AVAX. AVAX is the first significant cryptocurrency other than bitcoin to find its way into the stablecoin’s reserve as a result of this OTC deal to add the stated AVAX tokens to UST reserves.
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