Near Protocol will launch its own stablecoin $USN on April 202 min read
Near Protocol (NEAR) is scheduled to launch its own algorithmic stablecoin called $USN on April 20.
The announcement was made by Zorax Capital founder Zoran Kole via a Substack blog post. As Kole highlighted, the launch of the stablecoin will be “in partnership with other well-capitalized stablecoins”.
In addition, Kole stated that USN, along with these stablecoins, will offer an attractive interest rate of approximately 20%, which will stimulate DeFi capital rotation in the Near ecosystem, diverting the full amount locked from other alternative layer-one protocols.
In recent days, rumors that Near would launch a stablecoin have spread across the cryptosphere. A community member known as Resdegen, for example, noted that USN was already appearing on the Ref Finance testnet, which is the second largest decentralized exchange in Near.
According to Kole, the launch of $USN on the Near Protocol will likely lead to an ecosystem similar to Terra and its stablecoin UST.
He stated that the market value of Terra is four times that of Near and the launch of the USN stablecoin will catalyze an increase in the market value of Near by a minimum of 100%.
Also according to Kole, Near Protocol will be listed on Coinbase in the next two months. And this listing “will help increase retail visibility like never before.”
“A 100% increase in market cap will also mean its value will double to $33.32, which is about $13 more than its all-time high of $20.42 set in January this year.” , declared John P. Njui.
Finally, it is worth noting that Near Protocol recently raised $350 million in a funding round led by Tiger Global and with participation from Republic Capital, Hashed, FTX Ventures, Dragonfly Capital and others.
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