Stable Coin Supremacy
Stable coin market is almost a $200 billion group based on coinmarketcap stats. Currently leading in market cap are the well known USDT - Tether and USDC - Circle Dollar. What is up and coming is ranked 4th in stable coin by market cap and is overall 14th none other than Terra chain's UST - TerraUSD.
Decentralized Stable Coin?
Neither USDT and USDC are decentralized. Yet coming in UST is and Terra Chain is advertising that as the corner stone as to why UST should continue to rise in use and print.
Founder of Binance exchange hinted right before a big announcement on twitter in regards to something that appears to related to stable coins. "titanic sinks" and "untethered". Right after his twit it was soon after announced that Binance would have BTC to UST trading pair in lieu of UST to BTC on its platform.
This is a sign that UST is becoming a core traded token rather than BTC. A big step into accepting and utilizing UST as a whole.
As UST remains actively expanding across multiple platforms, Cosmos, Avalanche, and soon to be Pokadot the stable coin is becoming more and more popular.
UST's Hidden Growth?
Although UST is close to becoming third in market cap for stable coins one other number appears to be small and likely to have potential to rise exponentially. That is the trading volume of UST. To date UST is trading barely $300 million daily while other top stable coins such as Tether and USDC are in the billions. If some day UST can replace top Tether it would make UST exceed over $82 billion in market cap and daily trading volume in the billions.
Though for now UST has its eyes set to overtake Binance BUSD to become third in overall stable coin market cap with less than $200 million for UST to surpass BUSD. This will likely happen over this weekend or early into next week.
Conclusions
In order for the UST pool to grow the counter asset Luna needs to be burned. Surely on a daily basis is Luna being burned and now total supply of Luna is around 733 million.
Meanwhile UST continues to rise on a daily basis. On a longer time frame is is evident that UST is growing rapidly.
As more chains accept and bridge UST it will continue to grow UST total supply. This in turn will allow UST to spread even further into other chains and have a fly wheel effect in growth. As the first leading decentralized stable coin UST stands out from the remaining top leading stable coins. How much longer will it take for UST to actually become first?
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
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What's the difference between centralized stable coin and the decentralized one?
If I may understand, a decentralized token is void of control, how can such a token possibly be stable?
Your write is enlightening nonetheless.
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Decentralized stable coin means no one or no entity can control the coin. In very unique situations usdt and usdc can be locked up from a holder because they are controlled by entities. Ust being decentralized no one entity can control to tokens. How a coin becomes a stable coin is apart of the programming. Both usdt and usdc are supposedly back by assets but it has been a concern that the assets don’t pegged to the dollar. Ust on the other hand isn’t pegged to assets but is an algorithm balancing the demand and supply of ust and Luna.
great post, am thinking of a HBD:LVL pool for a more stable value as things pump some may want to diversify into something more stable and others swap their HBD for LVL directly without converting it? !1UP !PGM !PIZZA
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You can look for stable coin to stable coin like HBD : BUSD pool. Those will not lose value while earn a small BXT yield.
Hey very good information, as LUNA is currently trading at a very low price, which means that the balenas are waiting for it to go down further to buy it at a sick goose price and wait for it to go up and convert it to UST, it is a great business.
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The increase demand for UST will force more LUNA to be burned. All positive signs for Terra ecosystem.
For that i think that LUNA will reach the $200
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Nice post and comparison!
I truly hope UST succeeds as if it fails, it will bring all the cryptocurrency ecosystem down with it.
HBD to the moooooon! :D
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Certainly at the end of the day stable coins will be big in the crypto space. HBD has a lot of runway to soar.
For you to go into this, you must have all this basis understanding about cryptocurrency. Thanks for sharing
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Thanks for the kind words.
You are welcome buddy
Stable coins are going to get a lot of discussion as we move through the regulation phase, will be interesting to see what happens with it.
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Exactly. That is why I have been looking at UST with vested interest.
UST is just coming up, Soon it will still become more stable like usdt.
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Certainly. UST has not been in existence as long as USDT and USDC but it is making a stand to be top notch stable coin.
Thank you
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