UST takes the throne from BUSD and becomes the third largest stablecoin

After surpassing its Ethereum-based competitor, DAI, UST, one of the Terra project's stablecoins, has become the largest stablecoin by market capitalization today. The Terra ecosystem, which is currently among the most valued top ten cryptocurrency projects in the market, has closed a year of development by becoming the largest decentralized stablecoin.

UST, one of the stablecoins produced from the Terra project, has overtaken DAI, another decentralized stablecoin, as the most valued project of its kind by market valuation. This concludes a year of progress for the Terra ecosystem and UST, which saw its market value rise from $182 million at the start of 2021 to $9 billion in December.

Even though these function by putting up collateral to support the tokens on the market, UST is an algorithmic stablecoin that leverages another Terra ecosystem token (LUNA) to balance its peg against the US dollar value.

Other decentralized stable coins' market capitalization has increased in the previous 30 days. These decentralized coins don't require a centralized point of issue and can't be halted by a central authority. UST is now the fourth most valuable stablecoin, trailing only USDT, USDC, and BUSD, which are all centralized stablecoins.

Because of the increased attention that stablecoins like USDT and USDC are receiving from authorities, some feel that these alternative stablecoins will continue to grow in popularity, with people flocking to these alternatives for various reasons. Despite this, USDT remains the most popular stablecoin on exchanges, with over $68 billion worth of the currency changing hands yesterday.

The price of UST has risen to ATH levels, as has the price of LUNA, its sibling token. Many projects like Deedy can benefit from this in their digital transformation consulting can aid you to acquire productivity gains, effectiveness, and consciousness.