The NEAR network has been launched by the USN algorithmic stabilcoin – Bits Media

On the basis of the NEAR project, main competitor Terra, Algorithmic stablecoin called USN has been launched. Manages Stablecoin team of the Decentral Bank Dao team.

In fact, USN is an analogue of the popular Terrausd stablecoin (UST). Its cost is tied to the US dollar rate and is regulated Algorithmically. At the same time, not a fiat currency acts as ensuring stablecoin, And cryptocurrencies. According to the Decentral Bank on Twitter, In the case of USN, we are talking about its own cryptocurrency of the NEAR project and USDT stabilcoins.

USN should help in the development of the ecosystem of decentralized finance (DeFi) Based on the blockchain NEAR. Such projects are already now, Like Ref Finance, Burrow, Aurigami and Bastion decided to add support for stablecoin.

USN holders will receive annual income in the amount of about 10% от decentralized bank. Income will depend on interest for the NEAR stake, as well as from the value of assets to ensure stablecoin. maybe, For “early holders”, the percentage of annual income will be increased.

Initially, plans for the launch of stablecoin were reported in early April. Then the experts noted, that the growth of the network in combination with the release of stablecoin and the subsequent development of Defi protocols will ultimately allow the NER to achieve market capitalization in $11.7 billion.