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 will have a native 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 reportedly 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.