Near Foundation spends $40 million to replace USN stablecoin's ‘collateral gap'

Near Foundation announced a $40 million grant toward replacing a collateral gap of USN, a decentralized stablecoin on Near Protocol that had become undercollateralized earlier this year. The post Near Foundation spends $40 million to replace USN stablecoin's ‘collateral gap' appeared first on The Block.

Timeline of Near-protocol

The Protection Programme is curated to secure customers from the latest concerns associated with USN by making sure that legitimate USN holders can redeem their USN on a one-on-one basis with USDT.

The NEAR Foundation is taking steps to help USN holders to avert another stablecoin collapse and a crypto pandemic. On October 24 the platform stated that it has set aside $40 million for a grant for the “USN Protection Programme.

Near protocol has announced a fund of $40 million to protect USN users from potential losses and ensure the stability of the stablecoin. The foundation made this decision in response to recent events surrounding other stablecoins, such as Tether's ongoing controversy over its lack of proper collateralization.

In an effort to prevent another stablecoin collapse and crypto contagion, the NEAR Foundation is taking measures to support holders of USN. The post NEAR Foundation Announces $40M Protection Fund for Scrapped USN Stablecoin appeared first on BeInCrypto.

NEAR's price struggles to hold above key resistance as price trends in a falling wedge price could break the downtrend.  NEAR continues to struggle as price clings to resistance in a bid to reclaim the region.

NEAR protocol managed to witness a massive surge in terms of its number of active users. One of the reasons for this surge could be the Sweat Economy, a move-to-earn application similar to STEPN.

When looking for strong returns on your investment and solid passive income yields, the crypto industry can dramatically outpace options available in traditional finance. This is a crucial benefit of crypto and could help introduce more regular investors to the potential of DeFi.

NEAR Protocol announced on Twitter that they had formed a partnership with Google Cloud. According to the official statement, the cooperation was formed so that network developers who had received grants could more easily create and deploy Web3 projects and decentralized applications (dApps).

Near Foundation made an announcement that they have partnered up with Google Cloud.  The goal of this partnership is for the companies to provide technical support to Near Grant recipients through the process of providing infrastructure for Near's Remote Procedure Call node provider to Pagoda.

NEAR price continues to struggle on both low and high timeframe despite showing signs of recovery in recent times.  NEAR price trades in a range as the price looks set for a retest of key support areas.