Decentral Bank Price (USN)

What Is USN(USN)?

USN is the native stablecoin of NEAR Protocol, pegged to the U.S. dollar. USN is minted via depositing NEAR tokens into the reserve fund, and can always be redeemed (burned) for an equal value of NEAR, based on the NEAR/USN price. The reserve fund will also contain USDT as the extra backing for USN, making USN an over-collateralized stablecoin. Most of the capital in the reserve fund will be utilized to generate yield for USN holders.

The Founders of USN(USN)?

NEAR Protocol was co-founded by Illia Polosukhin and Alexander Skidanov.

• Illia Polosukhin has more than 10 years of industry experience, including 3 years at Google.
• Alexander Skidanov has worked at Microsoft in 2009, then worked as Architect and Director of Engineering for 5 years at memSQL.

How Does USN Work?

USN is minted in a "swap" process with NEAR. The NEAR used to mint USN is then staked on the NEAR blockchain to generate staking rewards, which get distributed to USN holders. The key is that minting/burning USN does not change NEAR’s supply; therefore, the baseline economic security of the NEAR blockchain is improved by the Reserve Fund's distributed staking.  

The first 1 billion circulating USN will be backed 1:1 by USDT,in addition to 1 billion dollars worth of NEAR staked to USN's Decentral Bank Protocol, which guarantees over-collateralization of USN even in the case of extreme fluctuation of NEAR price.

What Is the Difference Between USN and UST?

A frequently discussed potential "death spiral" for LUNA<>UST is if UST will depeg -> people burn UST to mint LUNA (which increases the circulating supply) and market sell the latter -> tank LUNA price -> more sell pressure on UST. With USN, the stablecoin itself will not fundamentally affect NEAR's security, as burning USN does not increase the circulating supply of NEAR.NEAR has already become one of the top public blockchains even before USN was created, with a thriving ecosystem of 500+ successful projects with traction already launched.  

Decentral Bank (USN) Community

• Twitter: https://twitter.com/DcntrlBank
• Discord: https://discord.com/invite/decentralbank
• Medium: https://medium.com/@dcntrlbank

What is Decentral Bank (USN) Contracts address?

• NEAR: usn