Meet NEAR -native stablecoin: $USN

Native Sustainable Yields

Decentral Bank will have ongoing incentive programs, funded by staked NEAR, which will both support the proof of stake consensus mechanism and boost DeFi on the NEAR and Aurora ecosystems.

Two cores for minting USN



Mint/redeem USN with other stable coins at a 1:1 ratio. Reserve Fund is secured from drying in case of one of the stable coins losing its peg


Collateralized Debt Position

Borrow USN against whitelisted volatile cryptocurrencies. Fast and effective liquidation mechanism.

Money Market functionality

Open up new opportunities for DeFi users looking for additional sources of revenue and will unlock more liquidity in the NEAR and Aurora ecosystems.

Mint USN when borrowing against whitelisted volatile cryptocurrencies. Across chains.

Our ecosystem

In the near future, the community can expect:

  • Public dashboard
  • v3.0 Whitepaper
  • $USN integration on all major
    NEAR and Aurora dapps
  • Fiat on/off ramps
  • All transactions in USN to be paid in USN
  • Multichain expansion,
    cross-chain minting
  • Payment in real-world commerces
  • Off-chain loans

$USN APR is determined by the market

$USN will grow sustainably and its growth will depend on pure offer / demand mechanics determined entirely by the market

APR = function of $NEAR price + (% of the $NEAR in supply)* earning rewards

APR will therefore always reach an equilibrium that will be entirely determined by the market

Frequently asked questions

  • What is $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.

  • What is Decentral Bank?

    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
  • How can I enjoy the yield from $USN?

    $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.

  • How does $USN maintain its peg?

    $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.

  • How can I get, exchange or trade $USN?

    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 []
      • b. Trisolaris on $AURORA []
    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
  • What does $USN v2.0 compare to $USN v1.0 and what is the difference between Phase I and Phase II?

    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.

  • How Does $USN compare to other stablecoins?

    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.

  • Who will integrate $USN?

    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.

  • What makes $USN interesting?

    $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
  • What is the roadmap for $USN?

    • 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