TerraUSD (UST) embracing backs LUNA’s ascent to fresh all-time high

Stablecoins are an essential component of both the centralized crypto sector and the decentralized finance (DeFi) ecosystems that have emerged in recent years, as they provide the liquidity required for traders to easily swap into different assets.

They also act as a buffer against large downside swings, such as the 25% drop seen on December 3. Terra (LUNA), a multi-sector blockchain platform aimed at constructing a worldwide payments system using a fiat-pegged stablecoin dubbed TerraUSD, has seen its price rise to new all-time highs despite the larger market slump (UST).

Since hitting a low of $37.86 on Nov. 26, according to data from Cointelegraph Markets Pro and Trading View, the price of LUNA has risen 106 percent to a new all-time high of $78.43 on Dec. 5, with a record $5.66 million in 24-hour trading volume.

Story by : Norvisi Mawunyegah