Anchor Launch Puts UST in the Stablecoin Race Against DAI

An upstart stablecoin issuer out of South Korea is making a run at MakerDAO’s DAI (-0.07%), the fourth-largest cryptocurrency in this category.

Terraform Labs just launched Anchor, a long-awaited protocol for lending and saving that the Seoul-based firm expects to drive enough demand for its stablecoin, TerraUSD (UST), to top DAI’s circulation. Like DAI, UST maintains its peg to the U.S. dollar in a decentralized manner, but at $1 billion, its market capitalization is only about a third of its rival’s.