The Decentral Bank, the issuer of NEAR-native stablecoin USN

raised concerns about the stablecoin depegging as a result of an algorithmic failure, which led to the establishment of the $40 million program. Recently, Near Protocol's own stablecoin, USN, became undercollateralized, necessitating a recommendation from the Near Foundation to wind down USN to avoid a situation similar to that of Terra (LUNA) and TerraUSD (UST). The Near Foundation launched a $40 million fund to help investors cash out of USN with equal amounts of wrapped Tether (USDT.e) in support of this move. On October 24, the Near Foundation announced the establishment of a $40 million fund that will enable USN holders who are eligible to redeem their tokens 1:1 with USDT.e. The NEAR-native stablecoin USN's issuer, Decentral Bank (DCB), raised concerns about the stablecoin's depegging due to algorithmic failure, which led to the launch of the program.