Published: 26.04.2022
Article reading time:
1 min.
On the basis of the Near project, the main competitor of Terra, an algorithmic stablecoin called USN has been launched. The stablecoin is managed by the Decentral Bank DAO team.
In fact, USN is an analogue of the popular stablecoin TerraUSD (UST). Its cost is tied to the US dollar and is regulated algorithmically. At the same time, not fiat currency, but cryptocurrencies act as collateral for a stablecoin. According to message Decentral Bank on Twitter, in the case of USN, we are talking about the native cryptocurrency of the NEAR project and USDT stablecoins.
USN should help develop the decentralized finance (DeFi) ecosystem based on the Near blockchain. Already, projects such as Ref Finance, Burrow, Aurigami and Bastion have decided to add support for a stablecoin.
USN holders will receive an annual income of approximately 10% from Decentral Bank. The income will depend on the interest for staking NEAR, as well as the value of the assets to back the stablecoin. Perhaps for “early holders” the percentage of annual income will be increased.
Initially, plans to launch a stablecoin were announced in early April. At that time, experts noted that the growth of the network, combined with the release of a stablecoin and the subsequent development of DeFi protocols, would eventually allow Near to reach a market capitalization of $11.7 billion.
Source: Bits
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