Near Protocol is bringing out its own stablecoin called USN, The Block has learned, according to a source familiar with the situation.
Rumors surrounding the stablecoin first surfaced when Zoran Kole, founder of Zorax Capital, claimed in a Substack post that Near Protocol was launching a stablecoin that will offer 20% yield.
Sleuths on Twitter further noticed that a testnet version of Ref Finance — the second-largest decentralized exchange on Near — showed the stablecoin. The user interface on Ref Finance’s testnet website displays USN under its stableswap section along with other popular stablecoins like USDC, USDT and DAI. This implied that the stablecoin was being tested out, but was not necessarily indicative of the official team.
We have been unable to confirm whether the stablecoin will offer such high yields, as Kole claimed, something that would put it in line with Terra USD (UST).
Near Protocol is a scalable blockchain that recently raised $350 million in a funding
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