Near Protocol announces the launch of its own stablecoin, $USN on April 20

On April 20, Near Protocol (NEAR) will introduce its own algorithmic stablecoin, USN. Zoran Kole, the founder of Zorax Capital, made the announcement via a Substack blog post, explaining that the stablecoin will be launched "in conjunction with other well-capitalized stablecoins."

Near Protocol (NEAR) is set to launch its own algorithmic stablecoin, USN on April 20.
Near Protocol | Image: Optimisus

Furthermore, the USN and these stablecoins will "provide an incredibly attractive 20% APR, which will ignite DeFi capital rotation into the Near ecosystem, siphoning the total value locked from other alternative layer-one protocols," according to the press release.

Near has been rumored to be launching a stablecoin in recent days, with one member of the community, @resdegen, noticing that USN was already appearing on the Ref Finance testnet. Near's second-largest decentralized exchange is the latter.

The market capitalization of NEAR will be doubled by USN

The debut of $USN on the Near Protocol, according to Kole, will most likely result in an environment similar to Terra (LUNA) and its UST stablecoin.

He claims that Terra's market cap is four times that of Near, and that the launch of the USN stablecoin will stimulate a minimum 100 percent increase in Near's market cap.

Near Protocol (NEAR) would be listed on Coinbase "in the next couple of months," he added. A listing like this will 'assist in driving retail visibility like never before.'

NEAR's digital asset is now valued at $16.66 with a market capitalization of $11.083 billion at the time of writing.

A 100% increase in market capitalization will result in a value of $33.32, which is nearly thirteen dollars higher than the all-time high of $20.42 recorded in January of this year.

It's worth noting that the Near Protocol just raised $350 million in a funding round led by Tiger Global, with Republic Capital, Hashed, FTX Ventures, Dragonfly Capital, and others participating.