Near Protocol, an open-source platform for decentralized applications is set to launch $USN, its own stablecoin that brings lucrative APYs to the DeFi ecosystem. The buzz around the algorithmic stablecoin has been mounting, fueled by a recent Substack post shared by Zorax Capital founder Zoran Kole.
Near Protocol’s Stablecoin $USN is Imminent
The shared post indicated that the Near Protocol would soon bring out its own stablecoin, offering users an attractive 20% yield. According to Kole’s publication, $USN will be developed in collaboration with other well-capitalized stablecoins.
News that the Near Protocol’s native stablecoin could launch soon has been making waves across the crypto sphere over the past 24 hours. One Twitter user named @resdegen has confirmed the existence of $USN. He noted that the new digital coin is now displayed on Ref Finance, the second-largest DEX on the Near blockchain.
Ref Finance’s stableswap section currently displays $USN along with market-leading stablecoins such as DAI, USDT, and USDC, indicating the new coin is already under development. That said, no timeline has been shared internally about the imminent $USN rollout.
$USN Revelation Helps Near Catch up with Terra
The latest move by Near Protocol (NEAR) to launch an algorithmic stablecoin promises to ignite DeFi rotation into the ecosystem. According to Kole, the $USN stablecoin that allows users to leverage a 20% APR could catalyze an over 100% market cap increment into the NEAR ecosystem. This boost would bring the project close to Terra’s Anchor Protocol and its UST stablecoin.
Together with other well-established stablecoins, $USN promises to bring an incredibly attractive 20% APR to investors. The debut of $USN represents a tipping point that will see the Near ecosystem siphon the TVL from alternative layer-one protocols like Terra. Moreover, Near Protocol’s native coin, $NEAR, is scheduled to launch on leading global exchange Coinbase in the coming months.
Coupled with the $USN launch, the listing on Coinbase could detail the visibility of the Near ecosystem, catapulting the project’s decentralized and algorithmic stablecoin to the heights of Terra USD (UST).
The developments align with Near’s aspirations to bring inclusivity to the entire DeFi ecosystem and emerge as the go-to place to build intuitive Web 3.0 apps.
Terra currently boasts a TVL of close to $29 billion, with a market cap of around $40 billion. Meanwhile, Near Protocol has a market value of nearly $11 billion, per the latest data from Coinmarketcap. The advent of $USN could see the underdog project compete with Terra’s native UST and even close the gap in market cap between the two blockchain giants.
$NEAR Token Price has Doubled in Four Weeks
According to data source Messari, $NEAR, the token powering the Near ecosystem, has been on a tear in recent times. The coin doubled to $20 in the past month, eclipsing crypto market heavyweights BTC and ETH.
The parabolic growth can be attributed to growing speculation over the $USN debut on the DeFi scene and the confidence vote from heavyweight buyers. Earlier this week, the Near Protocol raised a whopping $350M from venture capitalists, highlighting growing conviction from institutions in the project’s underlying value proposition.