NEAR has launched its USN stablecoin on testnet. Meanwhile, it appears that the buying pressure behind the token is increasing.
NEAR may develop its own stablecoin to compete with Terra’s UST in the near future. Speculation surrounding the announcement looks to be driving the token closer to a crucial resistance level, which, if broken, could drive the token into price discovery mode.
As the network’s utility may be able to expand, the platform appears to be gaining momentum for a strong bullish impulse.
The emergence of an NEAR-native stablecoin has sparked speculation among cryptocurrency fans. The stablecoin, dubbed USN, is believed to work in a similar way as Terra’s UST, in which the native tokens are burned when users desire to mint the stablecoin to raise demand. According to Crypto Insiders’ founder Zoran Kole, USN might possibly offer an annual interest rate of around 20%.
The USN stablecoin recently went live on the NEAR public test network, causing market participants to get excited.
Despite the fact that there have been no official updates on the launch date for USN, it appears that the coin may break out in anticipation of the news.
Since early April, the cryptocurrency has been consolidating within a symmetrical triangle on its four-hour chart. The likelihood of a bullish breakout rises as prices approach the pattern’s apex. A 32.5% upsurge to a new all-time high of $22.4 might be achieved if the $17 resistance level is broken.
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