Terra's UST Surpasses DAI to Become Fourth Largest Stable Coin

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Evening

So in news today is Terra’s stable coin UST taking over Maker’s stable coin DAI. UST's market cap surpassed $9 billion, leaving DAI behind. As of now UST is the fourth largest stable coins on market.

Top three stable coins are Binance Dollar(BUSD), Tether(USDT), USD Coin(USDC) with market cap of $88.2 billion, $77.5 billion and $42.3 billion respectively.
Terra's UST and Marker's DAI are completely different from top 3 stable coins. Tether(USDT), USD Coin(USDC) are controlled by centralized organization Tether Limited and Circle, with various traditional assets like cash, treasuries and bonds. Binance is issuer of BUSD, with reportedly 100% green back backing. Terra's UST and Marker's DAI are by default decentralized and backed by other crypto currencies. DAI is minted by presented other crypto currencies as a collateral, on the other hand UST is minted by burning Luna.

With uncertainties surrounding the backing of centralized stable coins like USDT and USDC, it is natural for decentralized counterparts like UST and DAI to get the traction. And UST has been prolific so far when it comes to moving up the ranks, even it has left the oldest stable coin DAI behind, in just 4 months of it existence.
Pretty Impressive!