LUNA Jumps as UST Surpasses BinanceUSD as Third-Largest Stablecoin

LUNA Jumps

Terra’s LUNA has surged 17% in the past day to a high of $92.07 before retracing to $89 amid an increase in the circulating UST stablecoins ahead of that of Binance USD.

Delphi Digital research shows that Terra is also the largest purchaser of Convex’s CVX tokens in the past month, at more than $17 million purchases.

Convex allows users to earn fees without locking CRV and Curves tokens. The fees earned in Terra’s deposits are shared with users.

Luna Foundation Guard, a non-profit organization, has accumulated bitcoins and AVAX tokens to its reserves, currently at $2.48 billion, with BTC taking 69% of the allocation.

Algorithmic stablecoins including UST are pegged to a collection of assets such as bitcoin in place of a collateralized third party holding them.  

Source: Coindesk

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