Near Protocol is set to launch a stablecoin called USN: Sources

Quick Take

  • Over the last 24 hours, rumors have been spreading that Near Protocol is set to launch a stablecoin.
  • The Block has managed to confirm that the stablecoin, USN, is genuine.

Near Protocol is bringing out its own stablecoin called USN, The Block has learned, according to two sources familiar with the situation.

According to one source, the stablecoin is on the way but no timeline has been shared internally so far.

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 round led by Tiger Global, with participation from Republic Capital, Hashed, FTX Ventures, Dragonfly Capital, and others.

We have reached out to Near Protocol for comment and will update this article should we hear back.

Update: This story has been updated with confirmation from a second source, who added a comment on the timeline.

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About Author

Tim is a News Editor at The Block who focuses on DeFi, NFTs and DAOs. Prior to joining The Block, Tim was a News Editor at Decrypt. He has earned a BA in Philosophy from the University of York and studied News Journalism at the Press Association. Follow him on Twitter @Timccopeland.