Reportedly Near Protocol is working on a stable coin project for its ecosystem alongside the support of popular stable coins.
NEAR Protocol is a decentralized application (dApp) platform and also emerged as an Ethereum competitor, which focuses on developer and user-friendliness. In recent months, Near Protocol grabbed huge traction because of its high end NFTs & Metaverse-related supportive ecosystem based work. With the current price, it stands at 18th rank in the crypto industry.
First time Near Protocol-based stable coin idea came into rumors on 7 September, when Zoran Kole, founder of Zorax Capital, mentioned about it in his Substack post and claimed that Near Protocol will offer a 20% Yield PA.
Later Sleuths pointed out some details of USN, the expected stablecoin of Near Protocol, on Twitter. In the Twitter post, Sleuths noted that the testnet of Ref Finance, which is expected to be the second-largest exchange of Near protocol, has USN use in advance in its testnet development.
Reportedly besides the support of its stable coin USN, the exchange will also support USDC, USDT, and DAI like top stable coins.
At present, no official announcement has been made by Near Protocol but reports and information from the genuine sources confirmed that a TerraUSD-like path may be followed by Near Protocol’s USN.
This week, Near protocol secured $350 million funds under the lead of Tiger Global. In the funding round, many crypto dominant companies participated, which were from Republic Capital, Hashed, FTX Ventures, Dragonfly Capital, and others.
The main aim of the fund collection by Near is to invest in the establishment of regional local hubs globally.
John Curtius, a partner at Tiger Global, commented on this fundraising round of Near protocol and asserted that Near Protocol aimed to become the fastest growing blockchain in this industry.
“NEAR is poised to be a leading smart contract blockchain platform, combining first-rate technology with a fast-growing developer ecosystem. We’re excited to support NEAR as we ramp up our investments in the digital asset space.”