Binance USD (CRYPTO: BUSD) — the stablecoin launched by the world's biggest crypto exchange Binance — was overtaken by Terra USD (CRYPTO: UST), an algorithmic stablecoin based on the Terra (CRYPTO: LUNA) protocol.
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What Happened: Market data shows that Terra USD has overtaken Binance USD and became the third-largest stablecoin by market cap.
Terra's stablecoin surged by 15% over the last 30 days and reached about $17.5 billion, with Binance's token following at about $17.46 billion.
Terra USD is now outranked only by Tether's controversial USDT (CRYPTO: USDT) token at $82.8 billion and Circle's USD Coin (CRYPTO: USDC) at $50 billion, which was also adopted by Visa Inc. (NYSE:V) last year.
Despite Terra USD having a higher market cap, Binance USD apparently sees much more use considering UST's 24-hour trading volume standing at just $431.8 million while BUSD's stands at $2.26 billion.
