{"id":60615,"date":"2022-04-26T11:10:20","date_gmt":"2022-04-26T08:10:20","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=60615"},"modified":"2025-09-05T04:21:41","modified_gmt":"2025-09-05T01:21:41","slug":"near-protocol-launches-algorithmic-stablecoin-usn","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/near-protocol-launches-algorithmic-stablecoin-usn\/","title":{"rendered":"Near Protocol launches algorithmic stablecoin USN"},"content":{"rendered":"<p>The Near Protocol developers have launched an algorithmic stablecoin, USN, pegged to the US dollar and backed by the native NEAR token. It will be governed by the Decentral Bank DAO.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Meet <a href=\"https:\/\/twitter.com\/search?q=%24USN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USN<\/a>, the first NEAR-native stablecoin by Decentral Bank!<\/p>\n<p>Starting today, users can mint <a href=\"https:\/\/twitter.com\/search?q=%24USN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USN<\/a> using <a href=\"https:\/\/twitter.com\/search?q=%24NEAR&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$NEAR<\/a> through the NEAR web wallet (<a href=\"https:\/\/t.co\/Kc7Tr4M7B8\">https:\/\/t.co\/Kc7Tr4M7B8<\/a>). Users can also swap between <a href=\"https:\/\/twitter.com\/search?q=%24USN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USN<\/a> and <a href=\"https:\/\/twitter.com\/search?q=%24USDT&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDT<\/a> on <a href=\"https:\/\/twitter.com\/finance_ref?ref_src=twsrc%5Etfw\">@finance_ref<\/a>&#8216;s StableSwap. <a href=\"https:\/\/t.co\/ZacQNGaTOV\">pic.twitter.com\/ZacQNGaTOV<\/a><\/p>\n<p>\u2014 Decentral Bank (@DcntrlBank) <a href=\"https:\/\/twitter.com\/DcntrlBank\/status\/1518631610845134848?ref_src=twsrc%5Etfw\">April 25, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The peg will also be backed by a reserve fund consisting of NEAR and USDT. Its size will be determined in due course.<\/p>\n<p>Users can swap USN for USDT on Ref Finance.<\/p>\n<p>Rumours of the token\u2019s forthcoming launch <a href=\"https:\/\/forklog.io\/near-vyros-za-sutki-na-23-na-fone-sluhov-o-zapuske-stejblkoina\/\">appeared<\/a> on April 4. At the time, a user spotted in the Ref Finance protocol interface a mention of a token with the corresponding ticker.<\/p>\n<p><a href=\"https:\/\/explorer.near.org\/accounts\/usn\">USN<\/a> is, in its mechanism, similar to TerraUSD (UST),<a href=\"https:\/\/forklog.io\/frax-finance-sozdast-rezervnyj-kriptofond-po-analogii-s-terra\/\"> Frax Finance (FRAX)<\/a>,<a href=\"https:\/\/forklog.io\/v-ceti-fantom-zapustyat-algoritmicheskij-stejblkoin-usdb\/\"> USDB<\/a> and<a href=\"https:\/\/forklog.io\/v-seti-tron-zapustyat-algoritmicheskij-stejblkoin-usdd\/\"> USDD<\/a>.<\/p>\n<p>The stablecoin is intended to attract additional liquidity for DeFi projects operating in the ecosystem, such as Ref Finance, Burrow, Aurigami and Bastion.<\/p>\n<p>Proceeds from NEAR staking into the Decentral Bank Reserve Fund will underpin a minimum annual yield for USN holders. Currently, it stands at around 11% per year.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">\ud83c\udfe6What is Decentral Bank?<\/p>\n<p>DAO managing the <a href=\"https:\/\/twitter.com\/search?q=%24USN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USN<\/a> Reserve Fund &#038; main smart contract operations. The DAO can vote to stake <a href=\"https:\/\/twitter.com\/search?q=%24NEAR&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$NEAR<\/a> from the Reserve Fund, meaning <a href=\"https:\/\/twitter.com\/search?q=%24USN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USN<\/a> will automatically generate yield based on NEAR staking rewards. Thus, minimum <a href=\"https:\/\/twitter.com\/search?q=%24USN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USN<\/a> yield = NEAR staking APY (~11%).<\/p>\n<p>\u2014 Decentral Bank (@DcntrlBank) <a href=\"https:\/\/twitter.com\/DcntrlBank\/status\/1518631618352914432?ref_src=twsrc%5Etfw\">April 25, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>APY may vary depending on issue size and Reserve Fund. Early participants are likely to see 20% APY or more. The yield growth will be delivered by monthly payouts from lending protocols in the ecosystem after a vote by the DAO members.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">\ud83e\udd14 <a href=\"https:\/\/twitter.com\/search?q=%24USN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USN<\/a> yield?<\/p>\n<p>With the DAO vote, $10m+ in rewards will be distributed monthly via lending protocols such as <a href=\"https:\/\/twitter.com\/burrowcash?ref_src=twsrc%5Etfw\">@burrowcash<\/a> <a href=\"https:\/\/twitter.com\/aurigami_PLY?ref_src=twsrc%5Etfw\">@aurigami_PLY<\/a> <a href=\"https:\/\/twitter.com\/BastionProtocol?ref_src=twsrc%5Etfw\">@BastionProtocol<\/a>. Though APY can change depending on circulating supply &#038; Reserve Fund size, the first lenders will likely receive 20%+ APY<\/p>\n<p>\u2014 Decentral Bank (@DcntrlBank) <a href=\"https:\/\/twitter.com\/DcntrlBank\/status\/1518631620290707457?ref_src=twsrc%5Etfw\">April 25, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>NEAR&#8217;s price rose about 8% in the last 24 hours, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/near\"> CoinGecko<\/a>. It ranks as the third-best performer in the top-20 after Dogecoin (+29.1%) and Terra (+8.4%).<\/p>\n<p>Earlier, in March 2021, Do Kwon accepted a $11m challenge from users who doubted the stability of the price of LUNA, which backs UST.<\/p>\n<p>By mid-April, the Luna Foundation Guard&#8217;s reserves backing UST stood at $2.44 billion, of which 70% was Bitcoin. The remainder consisted of USDT, USDC and LUNA.<\/p>\n<p>Earlier, UST surpassed Binance USD in market capitalisation.<\/p>\n<p> Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full news stream, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Near Protocol developers have launched an algorithmic stablecoin, USN, pegged to the US dollar and backed by the native NEAR token. It will be governed by the Decentral Bank DAO.<\/p>\n","protected":false},"author":1,"featured_media":60616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1216,807],"class_list":["post-60615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-near-cryptocurrency","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/60615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=60615"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/60615\/revisions"}],"predecessor-version":[{"id":60617,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/60615\/revisions\/60617"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/60616"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=60615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=60615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=60615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}