Near Protocol is set to launch a stablecoin called USN: Sources

Quick Take

  • Over the last 24 hours, rumors have been spreading that Near Protocol is set to launch a stablecoin.
  • The Block has managed to confirm that the stablecoin, USN, is genuine.
advertisement

Near Protocol is bringing out its own stablecoin called USN, The Block has learned, according to two sources familiar with the situation.

According to one source, the stablecoin is on the way but no timeline has been shared internally so far.

Rumors surrounding the stablecoin first surfaced when Zoran Kole, founder of Zorax Capital, claimed in a Substack post that Near Protocol was launching a stablecoin that will offer 20% yield. 

Sleuths on Twitter further noticed that a testnet version of Ref Finance — the second-largest decentralized exchange on Near — showed the stablecoin. The user interface on Ref Finance’s testnet website displays USN under its stableswap section along with other popular stablecoins like USDC, USDT and DAI. This implied that the stablecoin was being tested out, but was not necessarily indicative of the official team.

We have been unable to confirm whether the stablecoin will offer such high yields, as Kole claimed, something that would put it in line with Terra USD (UST).

Near Protocol is a scalable blockchain that recently raised $350 million in a funding round led by Tiger Global, with participation from Republic Capital, Hashed, FTX Ventures, Dragonfly Capital, and others.

We have reached out to Near Protocol for comment and will update this article should we hear back.

Update: This story has been updated with confirmation from a second source, who added a comment on the timeline.

For more breaking stories like this, make sure to subscribe to The Block on Telegram.


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

The TRON Ecosystem Thrives Amidst Market Chaos

TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain. 
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC