Another Day, Another Stablecoin
Market Meditations | April 22, 2022
NEAR Protocol ($NEAR) is a development platform built on a sharded, proof-of-stake, layer-one blockchain designed for usability.
- It has been the recipient of lots of positive attention in the last few months and now stands as the 17th largest cryptocurrency with a market cap of $11.2 billion.
- The protocol recently raised $350 million in a funding round led by Tiger Global, FTX Ventures as well as other big-name investors.
- The Block reported earlier this month that Near Protocol was set to release a stablecoin known as $USN.
- The article stated that there was no concrete release date but that there had been strong rumours suggesting that users could earn a 20% yield, similar to UST on Anchor.
- On April 20th 2022, Decentral Bank tweeted “$USN is NEAR” teasing a release date of April 2◾ (meaning a launch between April 21st to 29th).
- Although there is now a confirmed date for the release of $USN, there still isn’t any further information on the rumoured high-yield stablecoin protocol.
As the crypto market continues to mature and further regulation is imposed, the stability, acceptability and usability of different stablecoins will be key to mainstream adoption.
