HomeNewsNEAR Launches USN Stablecoin on Testnet

NEAR Launches USN Stablecoin on Testnet

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NEAR may possibly perchance possibly quickly win away on news of the professional delivery of the USN stablecoin.

Key Takeaways

  • NEAR has launched its USN stablecoin on testnet.
  • In the period in-between, the procuring stress on the abet of NEAR looks to be increasing.
  • A sustained shut above $17 may possibly perchance possibly push the token to $22.40.

NEAR may possibly perchance possibly quickly deliver its faith stablecoin to compete with Terra’s UST. Hypothesis over the news looks to be pushing NEAR closer to a key resistance diploma that would ship the token into mark discovery mode if broken.

NEAR Edges Closer to Rupture Out

NEAR looks to be gaining momentum for an extensive bullish impulse as the utility of the network will seemingly be ready to elongate.

The hypothesis is mounting amongst cryptocurrency enthusiasts over the delivery of a NEAR-native stablecoin. Dubbed USN, it is alleged that it may possibly really perchance possibly apply an identical mechanism to Terra’s UST, where NEAR tokens may possibly perchance possibly be burned when users desire to mint the stablecoin to develop its quiz. USN may possibly perchance possibly also provide an annual passion price of around 20%, consistent with Crypto Insiders’ founder Zoran Kole.

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The USN stablecoin just currently went are living on the NEAR public test network, which has generated excitement amongst market participants.

NEAR Wallet
Source: NEAR Protocol

Though there dangle no longer been any professional updates about USN’s delivery date, it looks that NEAR may possibly perchance possibly win away in anticipation of the news.

The token has been consolidating within a symmetrical triangle on its four-hour chart since early April. As costs transfer closer to the pattern’s apex, the likelihood of a bullish breakout will improve. Cutting again via the $17 resistance diploma may possibly perchance possibly result in a 32.5% upswing to a brand unique all-time excessive of $22.4.

NEAR price chart
Source: TradingView

It’s price noting that the asset has to steer clear of closing beneath $15 because the form of mark circulation may possibly perchance possibly invalidate the optimistic outlook. Breaching this major support diploma may possibly perchance possibly encourage merchants to exit their positions, placing some downward stress on the coin. Below such circumstances, costs may possibly perchance possibly fall to $14 or even $12.50.

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