Near Protocol will launch its own stablecoin $USN
On April 20th, Near Protocol (NEAR) will launch its own algorithmic stablecoin based on USN. The news was made by Zoran Kole, the founder of Zorax Capital, in a Substack blog post in which he said that the stablecoin would be launched ‘in collaboration with other well-capitalized stablecoins’.
Additionally, the USN and these stablecoins ‘will provide an incredibly enticing 20% annual percentage rate, igniting DeFi capital rotation into the Near ecosystem and syphoning the whole wealth trapped in other layer-one protocols’.
Recently, reports about Near creating a stablecoin circulated across the cryptocurrency community, with one person, @resdegen, claiming that USN was already showing on the Ref Finance testnet. Near’s second-largest decentralised exchange is the latter.
USN Will Boost NEAR’s Market Cap by a Factor of Two
Kole believes that the introduction of $USN on the Near Protocol would most likely result in a similar environment to Terra (LUNA) and its UST stablecoin. He added that Terra’s market capitalization is four times that of Near, and that the introduction of the USN stablecoin would trigger a minimum of a 100% increase in Near’s market capitalization.
Additionally, he said that Coinbase would list Near Protocol (NEAR) ‘within the next couple of months’. Such a listing will ‘assist in increasing retail awareness to unprecedented levels’.
At the time of writing, NEAR’s digital asset is worth $16.66 and has a market capitalization of $11.083 billion. A 100% increase in market capitalization also means that the stock’s value will double to $33.32, nearly thirteen dollars more than its all-time high of $20.42 established in January.
Notable is the Near Protocol’s recent $350 million fundraising round, which was headed by Tiger Global and included Republic Capital, Hashed, FTX Ventures, and Dragonfly Capital.