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NEAR rebounds after Near Protocol stablecoin goes live

 


NEAR, the near protocol's native token, rose sharply today after the near protocol blockchain launched its much-anticipated stablecoin, USN.


At the time of writing, NEAR token had rebounded 8.38% to $14.96 over the past 24 hours. However, the token is still down about 12% over the past week after a broader crypto market plunge over the past week.


USN Stablecoin von Near Protocol

The newly launched USN stablecoin is an algorithmic stablecoin. It uses a mix of tokenomics to maintain a 1:1 ratio against the USD. It was launched by the NEAR Protocol based decentralized organization called Decentral Bank.


People can burn NEAR tokens to mint the USN stablecoin. Alternatively, you can also burn USN stablecoin to get NEAR tokens.


According to Decentral, early lenders will receive returns of up to 20%, rivaling Terra's popular UST stablecoin.


The reserves of the USN stablecoin will be managed by the Decentral Bank DAO, and the DAO will hold monthly polls to distribute $10 million in rewards for trading USN.


Crowded stablecoin market

USN will face stiff competition within the stablecoin, with Terra's UST stablecoin being its main competitor. Terra's UST enjoys the support of $2.5 billion already in reserves.


There is also another anticipated stablecoin, USDD from the Tron blockchain, which promises a 30% APR.


The majority of investors appear to be taking a wait-and-see approach to the USN stablecoin, expecting that there will be more DeFi options in the near protocol, which should bring more utility to the USN stablecoin.

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