Meet NEAR -native stablecoin: $USN

$USN is a NEAR-native stablecoin that can adapt to both bull and bear market conditions, with different mechanisms depending on its phase. Currently we are at phase I and $USN is 1:1 collateralized by $USDT, although other battle-tested stablecoins such as $USDC or $DAI will be added in the future. As the market recovers $USN might transition to phase II, and it will be also backed by non-stable assets such as $NEAR, $BTC or $ETH.

Besides, $USN generates a sustainable yield that comes from native NEAR staking rewards. Combining the security of $USDT, the decentralization of $FRAX and the yield opportunities, $USN is positioned to be one of the most effective ways to bootstrap liquidity in the NEAR ecosystem; all while adding a new layer of composability to $NEAR. $USN’s smart contracts and Reserve Fund are managed by the Decentral Bank DAO.

Decentral Bank is the DAO developing and supporting $USN, the NEAR-native stablecoins. Decentral Bank DAO manages the smart contracts of $USN and its Reserve Fund. The DAO votes on the different aspects and decisions around $USN, such as, but not limited to:

• The addition of new stablecoins to the Reserve Fund, such as $USDC or $DAI
• The transition from Phase I to Phase II or vice versa
• How the $NEAR staking rewards are distributed
• The development of new products
• Any other governance decision

$USN will be used in all major $NEAR and $AURORA dApps and each of them will offer their own yield opportunities. However, given the importance of building liquidity, at the beginning $USN rewards will be distributed to liquidity pools in AMMs such as Ref Finance and Trisolaris. Later, you could also enjoy $USN rewards on Money Market protocols such as Burrow, Bastion or Aurigamy, and in orderbooks such as Orderly, Spin or Tonic. Finally, $USN will be integrated across the whole NEAR ecosystem.

$USN’s peg to the US Dollar is secured through a 1:1 backing with $USDT. The main on-chain contract mechanism always allows users to mint 1 $USN for 1 $USDT and redeem 1 $USN for 1 $USDT.

The peg can be controlled via arbitrage opportunities. $USN is freely traded on the open market in decentralized protocols such as Ref Finance and Trisolaris and soon in CEXes. Therefore:

• If $USN trades below $1.00, then users can buy 1 $USN in the market for $0.99 and redeem it for 1 $USDT via the main on-chain mechanism, profiting 0.01 $USDT.
• If $USN trades above $1.00, then users can mint 1 $USN via the on-chain mechanism with 1 $USDT and then sell it in the open market for 1.01 $USDT, profiting 0.01 $USDT.

In the future, $USN can be supported by a tri- or quadri-pool of stablecoins as new assets are added to the Reserves.

1. $USN can be minted through the main on-chain contract mechanism that mints / redeems $USN with $USDT via:
   • a. Decentral Bank’s swap tool (coming soon!)
   • b. Ref Finance minting feature (coming soon!)
   • c. Sender Wallet (coming soon!)
2. $USN can be freely traded on DEXes:
   • a. Ref Finance on $NEAR [https://app.ref.finance/]
   • b. Trisolaris on $AURORA [https://www.trisolaris.io/]
   • c. $USN App [https://decentral-bank.finance/app/]
3. Soon, $USN will be available on CEXes as well
4. $USN will also be available to make payments on off-chain applications and real-world commerce. Please see roadmap for more details

Every major dApp in the $NEAR and $AURORA ecosystem will integrate $USN to seize the yield opportunities it generates and its easy and fast transaction settlements: DEXes, Money markets, Orderbooks, fiat on/off-ramps and new applications that will be built specifically around $USN.

The main difference between $USN and the rest of stablecoins is that its design is flexible and not fixed, allowing $USN to adapt to different market conditions. Decentral Bank’s goal has been to create a stablecoin that is the closest to being truly stable; one that can thrive in a bull run and withstand a prolonged bear market.

Under the current design, $USN offers a truly reliable solution since it is 1:1 backed with $USDT while generating rewards via $NEAR staking. The combination of security and yield opportunity makes it a very attractive option for a bear market.

Also, no other stablecoin has seen a whole ecosystem built around itself. $USN will be integrated in all major $NEAR and $AURORA dApps and the users will enjoy a seamless experience that hasn’t been yet possible in other blockchains. $NEAR sharding technology makes $USN fast, secure, truly interoperable and composable between shards/chains. $USN will also unlock the potential that exists between connecting the on-chain with the off-chain world.

Every major dApp in the $NEAR and $AURORA ecosystem will integrate $USN to seize the yield opportunities it generates and its easy and fast transaction settlements: DEXes, Money markets, Orderbooks, fiat on/off-ramps and new applications that will be built specifically around $USN.

$USN stands out for several reasons:

• Safe and design, as it is 1:1 backed by a basket of battle-tested stablecoins, making $USN thrive at stability
• The generation of a native yield thanks to NEAR staking rewards
• Extra yield due to third party DeFi protocols: protocol incentives, added revenue due to borrowing costs, etc
• Seamless integration of $USN across the whole $NEAR and $AURORA ecosystems, which makes $USN a comfortable method of exchange and use of any major DeFi or infrastructure protocol
• $USN is the only stablecoin that offers a truly composable cross-chain interoperability between different chains thanks to the sharding design of $NEAR. This means that $USN transactions can be executed on L2 solutions such as Aurora or any other shard without the user directly interacting with these other shards.
• $USN will become backbone of transitions in $NEAR
• Cheap and fast cross-border transactions leveraging NEAR Protocol’s infrastructure
• Ease of access: directly mint $USN through the web wallets using $USD

• Public dashboard
• v2.0 Whitepaper
• $USN integration on all major NEAR and Aurora dApps
• $USN integration on CEXes
• Fiat on/off ramps
• Off-chain loans
• Micro loans, financing, and credit lines
• Payment in real-world commerces including subscription models
• Protocol level integration: option to pay for gas on NEAR with $USN for $USN transactions
• Multichain expansion