NEAR Protocol’s stablecoin is being shut down after it began to exhibit risky characteristics similar to those observed with TerraUSD, a cryptocurrency that spectacularly failed this year and lost investors billions of dollars. Ethereum competitor NEAR is a popular blockchain for building decentralized apps (dapps) and minting NFTs. Since April, it has had its own stablecoin, USN, which was issued by the DAO Decentral Bank. But USN recently became undercollateralized, according to a Monday statement by the NEAR Foundation, a non-profit which supports the blockchain. This means t ...
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