TerraUSD (UST) crypto: All you need to know

May 09, 2022 12:10 PM PDT | By Rupam Roy

TerraUSD (UST) crypto: All you need to know — Image source: © Yur4you | Megapixl.com

What is TerraUSD (UST) crypto?

TerraUSD, a decentralized stablecoin, claims to be a scalable, yield-bearing coin whose value is pegged to the US dollar. It is a stablecoin of the Terra blockchain.

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It also claims to offer various benefits compared to its competitors. Due to its unique minting mechanism, the UST token fulfills the needs of the decentralized finance protocols without compromising scalability. In addition, the token can be easily added to crypto wallets by integrating TerraUSD as a payment method.

It claims to offer various benefits that make it unique from its stablecoin competitors. Meanwhile, due to its minting mechanism, the UST token fulfills the requirements of the decentralized finance protocols that it utilizes without compromising scalability. In addition, it can be simply added to the crypto wallets by integrating TerraUSD as a payment method.

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TerraUSD specializes in decentralized applications (DApps). For instance, the platforms that mint fungible synthetic assets while tracking real-life asset prices use UST as a pricing benchmark.

On Monday, the token fell below its dollar-pegged price for the second time in the last three days. It had slipped to around US$0.985 on Saturday before bouncing back to the US$1 mark the next day.

The token uses its sister token, LUNA, to maintain the dollar-pegged price of US$1 by using a set of on-chain mint and bur mechanisms. Meanwhile, the Monday "depeg" event follows the Luna Foundation Guard's announcement on Sunday night that it would loan out around US$1.5 billion of its massive bitcoin reserves to the professional market makers to proactively defend UST's dollar-pegged price.

Also Read: Why is the crypto market down?

Data source: CoinMarketCap.com

Bottom line:

The UST coin was priced at US$0.9825 at 1:55 pm ET on May 9, down by 1.53%, while its volume for the trailing 24 hours declined 44.79% to US$1.49 billion. It has a market cap of US$18.34 billion, and its fully diluted market cap is US$18.41 billion.

The token's total and current circulating supply is 18.67 billion. It saw the highest price of US$1.00 and the lowest price of US$0.9787 in the last 30 days.

The UST coin is available for trading on several major crypto exchanges like Binance, OKX, FTX, etc.

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