Over the past 24 hours, there have been rumors that Near Protocol is in the development of a stable coin. In addition, some sources confirm that these allegations are not unfounded. Presumably, Near Protocol is preparing to launch USN, which they will release as a stable coin along with their own NEAR token. In this process, NEAR continues its upward momentum despite the overall decline, challenging the entire cryptocurrency market.
These rumors were first heard by Zoran Kole, the founder of Zorax Capital. Cole claims that a stable Near Protocol coin can bring about 20% profit. In addition, Twitter user Sleuths notices that NEAR is releasing a test version on Ref Finance.
In the Ref Finance stablecoin swap section, along with USN, you can also find USDC, USDT and DAI. Although there is no official announcement of this stable coin yet, Cole states that USN will offer high returns like Terra USD (UST).
Price actions NEAR
On the other hand, NEAR also received a $350 million investment led by Tiger Global. In addition, despite the downturn in the market, the rise in prices for NEAR attracts attention. At the time of writing this article, NEAR is trading at about $18.88, which is 23% more than in the last 24 hours. In addition, NEAR is effectively developing with an increase of 43% per week and more than 94% per month.
It is observed that almost the protocol is growing again, both thanks to the organic funds coming from Tiger Global and thanks to this statement. Although the rumors about the release of this stable coin are not yet clear, they will definitely lead to investors and affect the price of NEAR. However, the market capitalization of NEAR exceeds $ 12.6 billion. Among the twenty largest cryptocurrencies by market capitalization, NEAR is the most effective due to its bullish momentum. In addition, NEAR ranks sixteenth in this list according to current data.