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.

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.


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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 Authors

Tim is the Editor-In-Chief of The Block. Prior to joining The Block, Tim was a news editor at Decrypt. He has earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.
Vishal Chawla is The Block’s crypto ecosystems editor and has spent over six years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal likes to delve deep into blockchain intricacies to ensure readers are well-informed about the continuously evolving crypto landscape. He is also a staunch advocate for rigorous security practices in the space. Before joining The Block, Vishal held positions at IDG ComputerWorld, CIO, and Crypto Briefing. He can be reached on Twitter at @vishal4c and via email at [email protected]