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NEAR Protocol to Shutdown Its Undercollateralized USN Stablecoin | Allocates $40M USN Protection Programme

Decrypt | Mat Di Salvo | Oct 24, 2022

NEAR stablecoin USN - NEAR Protocol to Shutdown Its Undercollateralized USN Stablecoin | Allocates $40M USN Protection Programme

To avoid another LUNA debacle, NEAR's undercollateralized USN stablecoin will be phased out.

  • USN: Since April, Ethereum competitor NEAR is a popular blockchain for building decentralized apps (dapps) and minting NFTs, has had its own stablecoin, USN, which was issued by the DAO Decentral Bank.
  • USN recently became undercollateralized, according to a Monday statement by the NEAR Foundation, a non-profit which supports the blockchain. This means that there isn’t enough collateral backing the token.

See:  Vitalik: Designing Principles-based Stablecoins that (may not) collapse

  • Shutting down:  As a result, the NEAR Foundation added, the token would be shut down. Decentral Bank announced later that day that it would indeed be winding down the USN project.
  • The NEAR Foundation said it was using $40 million to fund a “USN Protection Programme” to protect investors as the stablecoin shuts down.

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