USN

Launched on NEAR in April 2022 by the Decentral Bank DAO, USN arrived as a partly algorithmic dollar just as Terra's UST was about to detonate. That timing proved fatal to the design. After UST's May collapse, Decentral Bank switched USN to mint only against USDT deposits, but the token still slipped toward 98 cents in early July, and as NEAR's price fell through the summer the reserves went underwater. By late October 2022 the DAO admitted USN was undercollateralized by around forty million dollars, permanently halted new minting, and wound the project down. Holders were pointed to a USN Protection Programme, backed by a NEAR Foundation grant, to redeem their tokens for USDT. USN is defunct: it no longer holds a peg and exists mainly as a cautionary chapter in the long list of algorithmic-dollar failures from that year.