USN algorithmic stablecoin launched on the NEAR network

The asset will be used to support NEAR-based decentralized projects

26.04.2022 - 10:30

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What’s new? The Decentral Bank DAO team has announced the release of an asset on the basis of the NEAR protocol. In question is a USN algorithmic stablecoin. Users can issue the asset using the NEAR web wallet and swap between USN and USDT.

Source: Twitter.com

What else is known about the asset? USN is an algorithmic stablecoin, backed by the NEAR cryptocurrency. The main purpose of creating USN is to support the development of a DeFi ecosystem based on the NEAR protocol. The return on the asset will be around 11% per annum, the exact value will depend on the staking interest and the value of the assets for collateral.

What had happened before? Information about the possible launch of the USN stablecoin first emerged on April 7. Zorax Capital founder Zoran Kole said in a post on Substack that NEAR Protocol is launching a stablecoin that will offer a 20% yield.

NEAR Protocol is a smart contract platform through which developers can create decentralized applications (dApps). NEAR was launched in 2020. More details about the project can be found in GetBlock Magazine’s review.

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