Terra’s UST is now the third-largest stablecoin by market cap behind that of Tether’s USDT and Circle’s USDC despite the fact that its trading volume pales significantly against that of Binance USD (BUSD), according to data from CoinGecko.
Per the data, UST’s market cap is now at $17.58 billion, which is slightly above that of BUSD which stands at $17.54 billion. However, BUSD’s trading volume within the last 24 hours is over $3 billion while that of UST is at a paltry $672 million.
The rising supply of Terra’s UST
Terra’s UST is indisputably the most popular algorithmic stablecoin in the crypto market and its rise has been drawn to various factors, which include the rise in the value of the LUNA token and the decision of the Luna Guard Foundation to back up the token with Bitcoin.
Generally, an algorithmic stablecoin depends on market movement, among other factors, to maintain its $1 peg.
The stablecoin has enjoyed rapid growth in its supply in recent times as it grew
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