The Terra (LUNA) network’s algorithmic stablecoin has surpassed $17.54 billion in market valuation to become the third-largest stablecoin token. The market valuation of UST has now overtaken that of the BSC-based stablecoin BUSD by more than $67 million.

TerraUSD, a stablecoin, has outperformed the BUSD in terms of market capitalization.

In the world of stablecoins, a new leader has emerged: Terra’s dollar-pegged algorithmic cryptocurrency is currently the third-largest stablecoin in terms of overall market capitalization. 

TerraUSD (UST) supply climbed by 14.9 percent in the last month, according to statistics, and the stablecoin now has a market valuation of roughly $17.54 billion. On Monday, April 18, 2022, the stablecoin managed to exceed BUSD, which presently has a market worth of roughly $17.47 billion.

UST is now the largest decentralized stablecoin under the control of two centralized stablecoin behemoths. Tether (USDT), a controlled stablecoin with a market capitalization of $82.6 billion, is the most well-known stablecoin today. USDcoin (USDC), with a market capitalization of $49.8 billion at the time of writing, is the second-largest stablecoin.

Despite the fact that Terra’s UST is the third largest, it only accounts for 21.23 percent of USDT’s total value. Terra’s UST, on the other hand, currently accounts for 35.22 percent of USDC’s market capitalization. UST has a market valuation of about $67 million, which is more than $67 million larger than BUSD, which is also a centralized stablecoin. The digital currency startup Paxos holds BUSD’s reserve assets, while the algorithmic stablecoin UST is generated.

The Terra network’s native crypto currency, terra (LUNA), is effectively created by burning a single US dollar’s worth of LUNA. Other decentralized stablecoin ideas, such as Makerdao’s DAI, use an over-collateralization technique to maintain the token tied to one dollar. UST, Terra’s stablecoin, has increased in value exponentially during the last 509 days, or 16 months. The circulating supply of UST was 13.2 million coins on November 25, 2020, and it has climbed by 132,504% since then.