TechFlow news, Near's DeFi division Proximity Labs has announced the official launch of the stablecoin USN on the NEAR Protocol, managed by an independent team called Decentral Bank. The stablecoin is expected to generate approximately 10% annual yield from Decentral Bank, derived from income earned by the Decentral DAO through staking NEAR tokens using secure validators.
According to reports, USN is a decentralized stablecoin similar to TerraUSD (UST) and Frax Finance (FRAX), soft-pegged to the U.S. dollar but without holding cash reserves in USD. The USN stablecoin can be minted by depositing NEAR tokens as collateral.
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