UST now become a highly useful stable coin in the crypto industry, which is standing just after USDC and USDT.
Stablecoins are centralized digital currency, which are backed by the real value of pppppp0US dollar,.or in some cases by other fiat currencies. In recent few years, the crypto industry saw a huge inflow of stable coins projects and also use cases of these stable coins because of the rapid increase in use cases in the decentralized ecosystem.
UST is a stable coin powered by Terraform Labs, which is pegged by real US dollars and also by Bitcoin.
According to available data at Coinmarketcap, UST stable coin surpassed BUSD, Binance exchange powered stablecoin and useful in Binance Smart Chain network-based platforms like Trust wallet.
The current market cap of the UST coin is $17.5 Billion. So right now coin is standing at 3rd rank. While USDT and USDC are standing strongly at 1st and 2nd rank with $82.8 billion and $49.9 billion market cap respectively.
TerraUST bitcoin accumulation plan
The Luna Foundation Guard (LFG) is a nonprofit organization behind Terra blockchain Network, which aimed to work for the Terraform Labs to make the whole system better and transparent.
Recently Terraform Labs decided to collect Bitcoin to reserve behind its stable coin UST. Currently team aimed to collect around total of $10 billion worth of Bitcoin.
In the last 30 days, Terraform Labs accumulated total of 42,000 BTC.
However, since few years, the majority of the regulatory bodies are working to bring new policies and rules to impose on these stable coins issuer companies but they are lagging to introduce them officially.
Recently an idea was proposed, under which stablecoin issuer companies will be restricted to reserve funds with government bonds and real US dollars in banks. So there are chances that such strategies & ideas to hold Bitcoin funds behind stable coins may face some threats because of new rules.