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.
Algorithmic stablecoins attracted much attention during the past crypto bull run. Their collapse will go on to be a hallmark of this bear market. In that sense, the crypto industry is coming to the end of an era.
In early 2022, the biggest algo stablecoin, TerraUSD (UST), de-pegged from the U.S. dollar leading to the downfall of the Terra ecosystem and other entities in the crypto space. At that time, the NEAR Foundation announced their algo stablecoin USN, with similar characteristics to UST.