This development is notable because it represents a significant shift in the stablecoin landscape. Previously, BUSD had been the third most valuable stablecoin, but it has now been overtaken by TerraUSD.
The reason for this change is likely because TerraUSD offers several advantages over BUSD. For one, TerraUSD is backed by a basket of assets, which provides it with greater stability than BUSD.
Given these factors, it is not surprising that TerraUSD has become the third most valuable stablecoin. It remains to be seen whether it can maintain this position in the future, but for now, it is clear that it is one of the leading stablecoins in the market.
As the value of Bitcoin (BTC) and other cryptocurrencies continue to rise, so does the demand for stablecoins.
This puts TerraUSD ahead of other popular stablecoins such as Paxos Standard (PAX), TrueUSD (TUSD), and DAI.
So, what is driving the rapid growth of TerraUSD?
For starters, TerraUSD is the native token of the Terra blockchain, which is a proof-of-stake (PoS) platform that enables fast and cheap transactions. The project is backed by some of the biggest names in the crypto space, including Binance, OKEx, Huobi, KuCoin, and Kakao.
Another key factor that is driving demand for TerraUSD is its recent listing on major exchanges such as Binance and Huobi. This has helped to increase the liquidity of the token and made it more accessible to potential buyers.
It will be interesting to see how TerraUSD performs in the coming weeks and months. If the current trend continues, it is possible that UST could eventually overtake Tether as the most valuable stablecoin in the world.