Why The NEAR Foundation Will End Stablecoin USN
The NEAR Foundation will terminate its algorithmic stablecoin USN in the coming months. The organization launched a program to support the digital asset’s wind-down. Related Reading: Merge Aftermath: Ethereum Fees, Supply, And The Network At Large Algorithmic stablecoins attracted much attention during the past crypto bull run. Their collapse will go on to be a hallmark of […]
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The program was launched after Decentral Bank, the issuer of NEAR-native stablecoin USN, raised concerns about the stablecoin depegging due to algorithmic failure. Near Protocol’s in-house stablecoin, USN, recently became undercollateralized, forcing Near Foundation to recommend winding down USN to prevent a situation similar to the Terra (LUNA) and UST collapse. Supporting this move, the Near Foundation opened up a $40 million fund to protect investors and help them cash out of USN with equal amounts of wrapped Tether (USDT.e).On Oct. 24, Near Foundation revealed setting up a $40 million....
9th October 2020, Zug, Switzerland – The non-profit Corion Foundation is pleased to announce a new partnership with the Syscoin Foundation. The foundation partnership is the result of a shared vision to make global access to swift, safe low-cost Open Finance solutions a reality. The foundations of Corion and Syscoin will coordinate campaigns to educate and spread awareness using AMAs, Webinars, Training Sessions, Seminars, Working Groups, and all other means. They will also work together on marketing and certain business development initiatives. CorionX is hosting the third and final....
The Luna Foundation Guard (LFG), a nonprofit organization, has announced new measures to keep the supply of UST, the flagship stablecoin of the Terra ecosystem, liquid in secondary markets. The protocol has already reached the max issuance of UST per day, but demand is strong enough that the foundation will have to burn more LUNA to guarantee the supply of UST in these markets.
Luna Foundation Guard to Burn 4.2 Million LUNA for UST
The Luna Foundation Guard, an organization dedicated to supporting projects from the Terra ecosystem, has decided to act to increase the supply of UST....
The VeChain Foundation has started 2022 with a potential major announcement. Via their official Twitter handle, the organization hinted at the possible released of a new native stablecoin called VeUSD. Related Reading | VeChain Foundation Welcomes New DEX To Its Ecosystem The Foundation little details on this new product but announced its followers that it’ll be “something special (…). Something that will allow us to take VeChainThor to the next level in multiple ways”. The stablecoin VeUSD will be a tool to “unleash” DeFi capabilities for the VeChain ecosystem. The digital asset,....
As crypto markets continue to slide in value, concerns about the algorithmic stablecoin terrausd (UST) losing its $1 parity have swelled in recent times. Two days ago on May 7, 2022, UST dipped down to $0.985 per unit against tether (USDT), and the stablecoin’s price drop invoked a great deal of speculation concerning UST losing its dollar peg. Following the drop on Saturday, the Luna Foundation Guard (LFG) revealed it was lending out millions of dollars worth of bitcoin and UST in order to protect the peg until market conditions normalize. Crypto Market Carnage Strains Algorithmic....