What is Decentral Bank? What is USN? Where can I get Decentral Bank USN tokens? Who invested Decentral Bank? How does Decentral Bank compare to other projects?
Decentral Bank is the DAO developing and supporting NEAR-native stablecoins, the first of which is $USN. Decentral Bank DAO manages the smart contracts of $USN and its Reserve Fund. One of the functions behind the DAO is the governance over the $NEAR part of the Reserve Fund. The DAO can vote to stake the $NEAR from the Reserve Fund and distribute the staking rewards to the users of protocols that integrate $USN.
$USN is a NEAR-native stablecoin soft-pegged to the US Dollar, backed by a Reserve Fund that contains $NEAR, as well as $USDT initially. $USN’s core stability mechanisms consist of on-chain arbitrage and the Reserve Fund based on the Currency Board principle. Combining the growth potential of $UST and the strong peg defense of $FRAX, $USN is positioned to be one of the most effective ways to bootstrap liquidity in the NEAR ecosystem; all while adding a new layer to $NEAR’s utility as a token. $USN’s smart contracts and Reserve Fund are managed by the Decentral Bank DAO.
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