- Near Protocol is set to launch its very own algorithmic stablecoin known as $USN
- The launch of USN will be in partnership with other well-capitalized stablecoins to offer attractive APYs in the Near ecosystem
- Near Protocol hopes USN will see the project reach the heights of Terra (LUNA) and its UST stablecoin
- Near (NEAR) is also expected to be listed on Coinbase in the next couple of months
Near Protocol (NEAR) is set to launch its own algorithmic stablecoin of USN on April 20th. The announcement was made by the founder of Zorax Capital, Zoran Kole, via a Substack blog post where he explained that the launch of the stablecoin will be ‘in partnership with other well-capitalized stablecoins’.
Furthermore, the USN and these stablecoins ‘will offer an extremely attractive ~20% APR, which will ignite DeFi capital rotation into the Near ecosystem, siphoning the total value locked from other alternative layer-one protocols’.
In the last few days, rumors of Near launching a stablecoin were rife in the crypto-verse, with one community member, @resdegen, noting that USN was already appearing on the Ref Finance testnet. The latter is the second-largest decentralized exchange on Near.
$USN might be true after all | An algorithmic stablecoin on the $NEAR blockchain
Here is the source: @finance_ref testnethttps://t.co/C6s7M8SsuR –> Click on stableswaphttps://t.co/we8qZtelN2 pic.twitter.com/OnrtwCnwuD
— ResDegen®️ (@resdegen) April 7, 2022
USN Will Double NEAR’s Market Cap
According to Kole, the launch of $USN on the Near Protocol will most likely lead to an ecosystem similar to Terra (LUNA) and its UST stablecoin. He stated that Terra’s market cap is four times that of Near, and the launch of the USN stablecoin will catalyze an increment of Near’s market cap by a minimum of 100%.
He also added that Near Protocol (NEAR) will be listed on Coinbase ‘in the next couple of months’. Such a listing will ‘help drive retail visibility like never before’.
At the time of writing, the digital asset of NEAR is valued at $16.66 with a market cap of $11.083 Billion. A 100% increment in market capitalization will also mean that its value will double to $33.32, which is roughly thirteen dollars more than its all-time high of $20.42 set in January of this year.
To note is that the Near Protocol recently raised $350 million in a funding round led by Tiger Global and participated by Republic Capital, Hashed, FTX Ventures, Dragonfly Capital, and others.