TechFlow news — According to official updates, the NEAR Foundation has issued a statement indicating that Decentral Bank (DCB) recently informed the NEAR Foundation that USN—a NEAR-native stablecoin independently created and launched by DCB—has become undercollateralized. This is because the initial algorithmic version of USN (v1) was upgraded to v2 in June and is no longer algorithmic, making it vulnerable to undercollateralization under extreme market conditions. Given these issues, the NEAR Foundation has recommended that DCB orderly wind down USN. Notably, the NEAR Foundation has allocated $40 million for a USN Protection Program grant, aiming to ensure eligible USN holders can redeem USN for USDT.e at a 1:1 ratio.
Add to Favorites
Share to Social Media
