Near Protocol’s anticipated stablecoin USN has been released.
The decentralized stablecoin USN was launched on Near today, according to a statement from Near’s DeFi arm, Proximity Labs. The launch was also led by an independent team called Decentral Bank, organized as a DAO with Proximity Labs. The USN stablecoin can be minted by depositing NEAR, the native token of the Near network, as collateral.
USN will have an annual yield of roughly 10%. This return will come from revenue from locally staking NEAR tokens with the Decentral DAO’s validators. The return will also vary based on the NEAR stake percentage and the market cap of the tokens. However, the DAO will need to vote before the process can be started.
Near is trading at $14 while the negative atmosphere in the market continues.
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