Terra blockchain’s stablecoin, UST became the third largest stablecoin with a market cap of over $17.5 bln. Data from CoinMarketCap show that UST has gotten ahead of (Binance USD) BUSD and comes after Tether USDT ($82.7 bln) and USD Coin USDC ($50 bln).
Related: Terra Powered By Luna Revealed a Purchase of $200 M in AVAX
UST is a dollar-pegged stablecoin released in 2020. Terra's other native coin, LUNA, helps to keep the UST price stable.
Terra has been appearing in the news a lot lately. In March, the company's co-founder and Chief Executive Officer Do Kwon announced replenishing the UST reserves with $10 bln worth of Bitcoins.
He mentioned that the step will open a new age for BTC as peer-to-peer electronic money. Then, Terraform Labs announced another purchase of $230 M of BTC and $200 M in Avalanche's AVAX. In the global crypto market, UST currently ranks 12th after Dogecoin (DOGE).
Stablecoins have an essential role in crypto as they allow transactions in crypto reducing volatility risks.