The altcoin price has pumped with news that decentralized application platform Near Protocol is preparing to launch its own stablecoin called USN. NEAR price settled above $19.75, about 2.5% below its all-time high (ATH). However, many analysts agree on the potential for NEAR to retrace its best-ever level and even rise above it in the coming weeks.
Near Protocol releases stablecoin
According to a source, Near Protocol’s stablecoin is on the way, but no timeline has been shared internally so far. Rumors surrounding the stablecoin first emerged when Zoran Kole, founder of Zorax Capital, claimed in a Substack post that Near Protocol is launching a stablecoin that will yield 20% returns.
Sleuths on Twitter also noticed that a testnet version of Ref Finance, the second largest decentralized exchange in Near, showed the stablecoin. The UI on Ref Finance’s testnet website shows the USN under the stable exchange section along with other popular stablecoins such as USDC, USDT and DAI. This implied that the stablecoin was being tested, but not necessarily an indication from the official team.
Altcoin price on track to ATH
A recent $350M raise, with rumors of a native high-yield algorithmic stablecoin contributing to the altcoin price rise found. Near Protocol is up 23% on the day amid $350 million in new funding.
NEAR is outpacing the crypto market. The altcoin is fast approaching $20.44, the ATH level set in January, during the day. Over the past month, NEAR has climbed more than 90% to become the top earner in the top 20 cryptocurrencies by market cap.
NEAR’s rally seems to be fueled by several catalysts. As mentioned in the news of Kriptokoin.com, on April 6, the altcoin announced its second significant capital increase this year, bringing in $ 350 million from Tiger Global, Dragonfly Capital and FTX Ventures. After that, Barry Silbert, founder of Digital Coin Group, announced that NEAR token is the Group’s third largest crypto holding after Bitcoin and Ethereum.
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