NEAR launched USN stablecoin, what will this mean for the token?

NEAR Protocol NEAR/USD is a layer-1 blockchain that uses sharding technology as a means of achieving a high level of scalability. 

To achieve this, it utilizes smart contracts and adopts the Proof-of-Stake (PoS) consensus mechanism as a means of securing its network.

The stablecoin launch as a catalyst for growth

On April 2, 2022, we covered how NEAR defied the market bears after a 20% surge throughout the span of 24-hours.

The NEAR Protocol launched its own, native algorithmic stablecoin known as USN.

According to the official blog post titled “The Future is NEAR,” the founder of the popular Telegram group known as “Crypto Insiders,” Zoran Kole, revealed that the Near Protocol would launch the stablecoin USN on April 20.

Zoran Kole said that NEAR has partnered with several well-capitalized stablecoins and will offer what he calls an “extremely attractive” annual interest rate of around 20%. The model surrounding USN is based on TerraUSD UST/USD.

The launch of the USN stablecoin could result in an increased value of the NEAR cryptocurrency token, due to the heightened level of interest within the network.

Should you buy NEAR Protocol (NEAR)?

On April 21, 2022, NEAR Protocol (NEAR) had a value of $16.43.

To truly see what this value point indicates for the NEAR token, we will be going over its all-time high point of value, alongside its performance in March.

Looking at the token’s all-time high point of value, NEAR Protocol (NEAR) had a value of $20.44 on January 16, 2022. Here, we can see that the token was higher in value by $4.01 or by 24%.

When we go over how the token performed throughout the previous month, NEAR Protocol (NEAR) had its lowest point of value on March 7 at $9.4274.

Its highest point of value was on March 30, when the token reached a value of $14.56. This gives us an indication that the token increased in value by $5.1326 or by 54%.

With this in mind, NEAR is a solid buy as it can reach $20 by the end of April now that its stablecoin has been launched.

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