USN stablecoin goes live on NEAR Protocol

Quick Take

  • NeAR Protocol’s anticipated USN stablecoin has hit the mainnet today.
  • A DAO called Decentral Bank has led the stablecoin launch.

A decentralized stablecoin called USN has launched today on NEAR Protocol, a scalable Layer 1 blockchain, according to statement shared by DeFi research firm Proximity Labs. The stablecoin can be checked on NEAR's official blockchain explorer at this account address.

The launch confirms previous reporting by The Block that the stablecoin was in development. USN is a decentralized stablecoin soft-pegged to the US dollar but don’t hold dollar cash reserves. The USN stablecoin can