The name USN can already be seen on Ref Finance, the first decentralized exchange and Auto Market Maker of the NEAR network. When visiting stableswap, a pool of several stablecoins is presented. When the user is on the testnet, in addition to the stablecoins USDC, USDT and DAI, a stablecoin named USN appears.
Here’s the source: Testenet from Ref Finance, Click on stableswap”
Obviously, this proves nothing and especially gives no indication as to what this potential stablecoin is.
If the community tends to think that the USN token is intended to be algorithmic and closer to the operation of the UST than the DAI, it is certainly the consequence of a substack post by a certain Captain Kole. Zoran Kole, is a respected trader and a partner in Zorax Capital VC, a crypto venture capitalist.
In his post, Kole presents an announcement of the USN algorithmic stablecoin on April 20 by Near. He also explains that this launch will be in partnership with other high market cap stablecoins.
Kole adds that Near will offer an attractive interest rate of around 20%, in order to attract liquidity from other Layer 1 DeFi protocols. This statement immediately brought to mind Anchor Protocol and its 19.5% interest rate on UST.
The notorious Do Kwon behind Terra (Luna) and Anchor Protocol, in fact, mentioned USN’s name by Near in a tweet praising algorithmic stablecoins and “decentralized currency.”
Many in the ecosystem, however, continue to oppose such mechanisms, deeming algorithmic stablecoins such as UST or USDN as fragile and similar to fiat currencies that governments can create out of thin air.
The rumor has been felt on the price of the Near blockchain native token with a 10% rise this week in a market that has suffered enough though.
All that remains is to wait and watch wisely for the arrival, or not, of this famous stablecoin.