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UST Becomes One of the Three Largest Stablecoins

ByLouis Adams

Apr 20, 2022 #Stablecoin
Reading time: < 1 minute

UST developers from the Terraform Labs team have started buying Bitcoins to secure the stablecoin. Last week, it became known about the acquisition of another batch of BTC for a total amount of up to $100 million.

In the stablecoin rankings, UST has overtaken Binance USD (BUSD) in terms of capitalization, as the USDT supply has risen to $17.659 billion.

Tether (USDT) and USD Coin (USDC) hold the first and second places, respectively, in the ranking of fiat-backed digital currencies. Their capitalization as of April 19 was just over $82.814 billion and $49.905 billion.

Terra has become the largest purchaser of the Convex CVX token in the past 30 days, according to analytics firm Delphi Digital. During this time, developers have invested more than $17 million in this digital asset.