We need to make sure UST becomes the dominant stablecoin

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If you think USDC is any better than USDT, you’re sadly mistaken. It’s just another centralised stablecoin issued by a private company which you have to trust to act right.

USDC printed more than $5 billion in the past 30 days and we have no idea if it’s cash backed.

UST (TerraUSD) is an algorithmic stablecoin, which can be verified on the blockchain by anyone at any time. Every time new UST is issued, it’s network coin Terra (LUNA) is burned – so it has ACTUAL VALUE.

It’s also faster, more scalable and cheaper to send, not to mention you can earn 20% APY on Anchor with it at the moment.

The adoption is also REAL.

It’s currently used by:

Chai- the fastest growing e-wallet in Korea, with more than 2M active users and 1.2B in annualized transaction volume after less than 16 months of operations. It is widely integrated with the leading ecommerce merchants in Korea, and expanding offline in 2020 through the Chai top up debit card and offline retail integrations (e.g. CU, largest convenience store chain).

MemePay – an e-wallet in Mongolia used by ~ 1.5% of the online population in F&B and retail locations in Ulan Batuur.

submitted by /u/TryingToMakeAMil
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