USN is a NEAR-native stablecoin soft-pegged to the US Dollar, backed by a Reserve Fund that contains NEAR, along with USDT initially. USN’s core stability mechanisms consist of on-chain arbitrage and a self-balancing Reserve Fund based on the Currency Board Principle. Combining the growth potential of UST and the strong peg defense of FRAX, USN is positioned to be one of the most effective ways to bootstrap liquidity in the NEAR ecosystem; all while adding a new layer to NEAR’s utility as a token.

Historical event: The NEAR Foundation has recommended the shut down of the USN stablecoin project, running on the NEAR Protocol. An initiative, known as USN Protection Programme, is provided for USN holders to swap their USN tokens on a one-to-one basis for USDT.e, on the NEAR network. For more information kindly check this announcement: https://usnpp.auroralabs.dev/