Near up 23% in a day amid rumors of stablecoin launch

The Near Protocol token rose by 22.7% in the last 24 hours. NEAR’s market capitalization surpassed $12 billion.

Over the past 7 days NEAR has gained 38.7%, over 30 days — 88.3%. The asset rose to 16th in CoinGecko’s ranking, ahead of the wrapped Bitcoin WBTC.

The token’s rally accelerated after news of the project raising $350 million from a number of investors. In addition, Barry Silbert posted a tweet that NEAR is the third-most valuable asset in the portfolio of the Digital Currency Group, which he leads.

Time for the big reveal…

DCG’s new third largest crypto holding is… $NEAR

1) $BTC
2) $ETH
3) $NEAR
4) $ZEC
5) $ZEN https://t.co/PbQ5BoEpC3

— Barry Silbert (@BarrySilbert) April 7, 2022

Rumors of an algorithmic stablecoin USN might have supported the upside. One user spotted a mention of the token in the Ref Finance protocol interface.

$USN might be true after all | An algorithmic stablecoin on the $NEAR blockchain

Here is the source: @finance_ref testnethttps://t.co/C6s7M8SsuR —> Click on stableswaphttps://t.co/we8qZtelN2 pic.twitter.com/OnrtwCnwuD

— ResDegen®️ (@resdegen) April 7, 2022

The NEAR Blockchain Twitter account published a tweet mentioning USN.

U S N 👀

— NEAR Blockchain (@NEAR_Blockchain) April 8, 2022

The founder of Zorax Capital, Zoran Koul, said that the USN launch is reportedly set for April 20. He says there will be a farming opportunity for the token with an annual yield of around 20%.

Recall, in January the NEAR Protocol team unveiled a new staking mechanism.

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