USN stablecoin goes live on Near Protocol (via _vishalchawla)
is leading the USN stablecoin effort. It is working in collaboration with Proximity Labs, which is a contributor to the DAO.
A Proximity spokesperson said USN can serve as an effective way to bootstrap liquidity for DeFi protocols. Near is home to protocols like Ref Finance, Burrow, Aurigami, andThe USN stablecoin will pay roughly 10% annual yield from Decentral Bank. To kick start this process, the DAO will need to vote it through.
This yield will come from Decentral DAO’s revenue from native staking of NEAR tokens with security validators, a process that currently. The yield will vary depending on the NEAR staking percentage and the market value of the tokens. In addition, the Decentral Bank DAO will have a few stability mechanisms to support USN’s dollar peg. The first is an arbitrage system that will try to ensure that the USN stablecoin trades around one dollar worth of NEAR tokens. The second is a “reserve fund” made of NEAR and USDT tokens owned by the DAO treasury. How much will be spent on this fund is still undecided.© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only.
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