USN
Crypto Overview
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.
Crypto Impact
To assign a comfort level investing in USN from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to USN.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.