But the stablecoin project is facing steep competition. Terra, an all-in-one layer 1, or base, blockchain that offers its own DeFi ecosystem, is built around its own “decentralized” stablecoin, UST. According to CoinGecko, there are some $15.9 billion USTs – making it the fourth-largest stablecoin behind tether (USDT), USDC and Binance’s stablecoin (BUSD) – compared to $9 billion DAI.
