UST (Terra) surpasses BUSD, becoming the third largest stablecoin in the market

Stablecoin TerraUSD (UST), a product of the Luna ecosystem, has surpassed Binance USD (BUSD) in market capitalization to become the third largest stablecoin. With a market cap of $17.5 billion, UST is currently second only to Tether and USD Coin, which have a market capitalization of $82.8 billion and $49.9 billion, respectively.

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UST Market Cap: CoinGecko

The UST co-stable has been growing rapidly, especially so far this year. The increase in market capitalization is accompanied by growth for both LUNA and UST tokens. However, this association is not always positive, and Terra is at the center of a number of controversies.

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Luna Foundation Guard (LFG), a non-profit organization that supports research and development for the Terra ecosystem, has accumulated more Bitcoin and AVAX. LFG currently has over 42,000 BTC and is working towards the noble goal of holding $10 billion worth of BTC.

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All of the above events have resulted in the LUNA price hitting a new all-time high. In addition, the Terra network is expected to add 160 new projects by the end of the year. This will help boost its total value in the long run.

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Price LUNA: TradingView

The fact that UST was able to surpass the market cap of BUSD is no small feat, although UST trading volume is still 1/5 of BUSD. This is sure to attract some attention, especially since Terra co-founder Do Kwon has said that “DAI will die by his own hands”.

Terra and UST are controversial

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Not all the news surrounding the Terra ecosystem is positive. Its strong growth this year has been the subject of much discussion and controversy, as some still doubt its sustainability.

Doubts regarding the price of LUNA led to Kwon accepting a $10 million and $1 million bet that the price of LUNA would not fall below $88 in a year’s time. This is a huge bet, but Do Kwon seems confident that the price of LUNA will increase in the future.

In addition, Do Kwon was subpoenaed by the United States Securities and Exchange Commission (SEC) at a public conference. It is known that Terraform Labs filed a lawsuit against the SEC after receiving this subpoena.

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