A decentralized stablecoin called USN has launched today on Near Protocol, a scalable Layer 1 blockchain, according to statement shared by Near’s DeFi arm Proximity Labs. The stablecoin can be checked on Near’s official blockchain explorer at this account address.
The launch confirms previous reporting by The Block that the stablecoin was in development. USN is a decentralized stablecoin similar to TerraUSD (UST) and Frax Finance (FRAX), which are soft-pegged to the US dollar but don’t hold dollar cash reserves. The USN stablecoin can be minted by depositing in NEAR tokens — the native crypto asset of the Near blockchain — as collateral.
An independent team called Decentral Bank — organized as a DAO — is leading the USN stablecoin effort. It is working in collaboration with Proximity Labs, which is a contributor to the DAO.
A Proximity spokesperson said USN can serve as an effective way to bootstrap liquidity for DeFi protocols. Near is home to protocols like Ref Fi
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