The State of Stablecoins on the NEAR Blockchain | #USDC #USDT

I’ve chosen Near as my home for stablecoin transactions.
Let’s take a quick look into the state of stablecoins on the Near Protocol.

TIMESTAMPS:
Introduction - 00:00:00
Quick Bio - 00:00:33
Stablecoins Market Cap on Near - 00:00:55
Near Network Exchange Integrations - 00:01:33
Near Intents and Cross-Chain Transactions - 00:01:46
USDC and USDT Lending APY on DeFi - 00:01:55

Native USDC/T, well integrated, fine liquidity, and pretty good yield opportunities on DeFi.

All that with cross-chain accessibility via Near Intents and Chain Signatures, running at sub-second block time and sub-two-second cross-shard finality.

Truly impressive!

$NEAR is the 13th chain by Stablecoin market cap, according to DefiLlama, with $670M, dominated by Tether’s USDT (79% domination), most of which was issued natively and not bridged, which is a plus for security.

Market cap per token as of July 7:
USDT $529M
USDC $98.5M
FRAX $3.3M
DAI $1.7M

Leading crypto exchanges like Binance and CryptoCom support deposits and withdrawals for Near-native stablecoins, offering easy fiat on- and off-ramps worldwide.

With Near Intents and Chain Signatures, the cross-chain experience gets abstracted, offering access to broader liquidity.

Lending USDC and USDT on Rhea Finance can generate an average of 10% APY, which is one of the highest yield opportunities for native stables I know of. For comparison, Aave on EVM chains will get less than 4% yearly, and Sui Lend less than 5%.

Rhea is a solid open-source DeFi protocol, surging after a merge from Ref Finance and Burrow, two OG projects on Near.

That’s it for today!
Let me know your thoughts in the comments.
Do you use stablecoins on Near?

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See ya!

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X/vinibarbosabr
#crypto #blockchain #rust #defi #web3 #opensource #near #stablecoins #stablecoin #rheafinance #defillama #duneanalytics

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