Decentral Bank (DCB), issuer of NEAR-based stablecoin $USN, announced that the $USN project will be gradually winding down.
The contract will be accessible indefinitely, but minting of new $USN has been permanently stopped. $USN holders can redeem their $USN for $USDT via the $USN Protection Programme funded by NEAR Foundation, DCB website or DEXes including Ref Finance and Trisolaris. DCB said that rewards on Ref Finance and Trisolaris will continue until at least November 30th.
Currently, the $USN reserves have around 38.9m $USDT and around 5.7m $NEAR. DCB announced that it will be working with Proximity and Aurora to donate the 5.7m $NEAR to the NEAR community. The NEAR community will have the sole discretion to decide how these funds are used.
Earlier today, NEAR Foundation announced the allocation of $40m for the $USN Protection Programme, which aims to keep $USN fully collateralized and to protect $USN holders. DCB admitted that $USN began to face the risk of under collateralization in spring 2022, and the collateral gap has grown to around $21m as of now.
DeFi
Stablecoins
Near
