NEAR Protocol to wind down its USN stablecoin 6 monts after the launch

10/25 09:29

NEAR Protocol’s, Ethereum competitor blockchain, stablecoin USN, which was issued by the DAO Decentral Bank, is being shut down after it began to exhibit risky characteristics similar to those observed with TerraUSD, a cryptocurrency that failed earlier this year. “Minting of new USN has been permanently stopped. We have also removed liquidity managed by DCB from pool #3020 on Ref.finance, destroying over 40M USN as well,” Decentral Bank’s statement said. “USN has faced many headwinds over the last few months with increased regulatory focus, and changes in market perception from recent high-profile incidents,” reads the statement. 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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