USN

Overview

USN was a stablecoin that operated on the NEAR Protocol blockchain, designed to maintain a 1:1 peg with the US dollar. The project was shut down in October 2022 after the team behind it (Decentral Bank) announced they would be winding down operations.

Purpose and Utility

USN was created to serve as a stablecoin for the NEAR ecosystem, aiming to facilitate trading and transactions within the NEAR Protocol. The stablecoin was initially backed by NEAR tokens and USDT in a system similar to Terra's UST, but later switched to a USDT-only backing model.

Business Model Evaluation

The stablecoin operated through an algorithmic mechanism initially, then transitioned to a fully-backed model. However, the project ultimately failed and was shut down, with all users being refunded.

Real World Usage

The token is no longer in circulation. Before its shutdown, it had achieved some adoption within the NEAR ecosystem but faced challenges maintaining its stability.

Development Activity

The project has been completely discontinued, with no ongoing development.