According to a statement by Near's DeFi arm, Proximity Labs, a decentralized stablecoin called USN was launched today via the Near Protocol.
The inclusion of stablecoin USN on Near's official blockchain has attracted the attention of many cryptocurrency investors. The USN stands out for being a decentralized stablecoin similar to TerraUSD (UST) and Frax Finance (FRAX), which is pegged to the US dollar but does not hold dollar cash reserves.
An independent team called Decentral Bank, known as a DAO, is known to be leading the USN stablecoin efforts. It works in collaboration with Proximity Labs, which contributes to the Decentral Bank DAO.
A spokesperson for Proximity said that USN could serve as an effective way to rebuild liquidity in DeFi protocols. The USN stablecoin is estimated to pay around 10% annual revenue from the Central Bank.
As of today, NEAR, which has fallen after Bitcoin's depreciation, has lost 7% of its value.
The popular altcoin, which failed to give a strong upside reaction after the recovery of BTC, can be expected to fall to the trend support of $ 11.30 if the decline continues in the following hours.
Near Protocol (NEAR), which we expect to receive support from this trend line, seems to start to rise after breaking the $ 19.58 resistance in the future.
At the time of writing, Near Protocol (NEAR) is priced at $14.17 according to CoinGecko data, while NEAR's last 24-hour trading volume was $1,024,121,643. Near Protocol (NEAR) price is down -6.8% in the last 24 hours. There is a circulating supply of 680 Million Near Protocol (NEAR) coins, with a total supply of 1 Billion coins. Near Protocol (NEAR) Protocol reached its all-time high price of $20.44 on January 16, 2022, three months ago.