Terra’s Stablecoin jumps 5X valuation in 2021

Stablecoins have been struggling for the past few years. But now, Terra an open-source blockchain platform can be helpful in hanging the situations for the company along with the coins playing a stable role in the growth of the decentralised finance (DeFi) ecosystem.

According to the digital currency analysis website, Coingecko, Stablecoin has seen a 5 times surge in its valuation this year. The market value of the platform’s stablecoin UST hit $10 billion past Sunday.

Stablecoin has also surpassed its closest competitor, DAI and became the second-largest decentralised stablecoin after Tether, the host of the USDT token. According to Coingecko’s listing, the total market capitalisation of DAI is around $8.9 billion and Terra’s UST was around $10.1 billion.

It is a sign that Terra blockchain is becoming an integral part of the DeFi ecosystem all around the world. It was launched in January 2018. Along with stablecoin UST, Terra’s LUNA token has also been showing improvement continuously. Terra’s LUNA is in ninth place in Coingecko’s lists with a market capitalisation of more than $31 billion.