NEAR Surges on the Announcement of Terra’s UST Integration

Near Protocol

The native token of Near Protocol surged 23% to trade at $10.80 on Wednesday after adding support for UST stablecoins.

NEAR was trading at a consolidation between $8.5 and $9.5 before the announcement came, where it broke past the resistance level.

The partnership between Terra and DeFi tools NearPad and Rose resulted in UST issuance on Near.

The integration is expected to enhance the expansion of UST to new networks on NEAR and Aurora, a cross-chain that links Ethereum to Near.

Terra ranked the second-largest decentralized finance ecosystem as of Tuesday, with a total value locked of $18 billion as its use cases increase.

UST is the largest decentralized stablecoin with more than $9 billion worth of circulating coin and is supported by Terra, Binance, Ethereum, BSC, and Secret network.

Source: Near Protocol

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