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UST has jumped in market capitalization to $17.5 billion to rank as the third-largest stablecoin, driven partly by the accumulation of reserves by the Luna Foundation Guard.
Source: Beincrypto
LUNAUSD is up +0.59%
The value of the UST stablecoin has been rising with increasing exposure to the LUNA tokens and the UST, despite Terra coming under controversies in the recent past.
Terra’s native token, LUNA, is projected to increase even more with the plan to add 160 new projects by the year’s close.
Regulatory pressure seems to be affecting Terra since its executive Do Kwon was served with a subpoena by the SEC during a public conference.
Tether and USD Coins are now the largest stablecoins with a market capitalization of $82.8 billion and $49.9 billion, respectively.
LFG, a non-profit organization, has more than 42,000 BTC with the aim of accumulating more than $10 billion in the asset, expected to make it one of the largest holding addresses.
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