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NEAR Protocol Unveils Stablecoin USN to Compete with Terra’s UST

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A decentralized stablecoin referred to as USN has been unveiled today on Near Protocol, a scalable Layer 1 blockchain.

Source: The Block

NEARUSD down 5.79%, USDT USD down -0.01%

USN is a decentralized stablecoin similar to TerraUSD (UST) and Frax Finance (FRAZ), which are soft-pegged to the US dollar but do not hold dollar cash reserves.

The USN stablecoin can be minted through depositing in NEAR tokens, the native crypto asset of the Near Blockchain as collateral. The stablecoin can be monitored on Near’s official blockchain platform.

Decentral Bank, an independent team, working as a DAO, is leading the USN stablecoin program and is working in partnership with Proximity Labs.

USN will serve as an effective way to bootstrap liquidity for DeFi Protocols. Near hosts protocols such as Ref Finance, Burrow, Bastion, and Aurigami.

The USN stablecoin will pay nearly 10% annual yield from Decentral Bank. The DAO will need to vote to start the process.

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