The NEAR Foundation has recommended the shut down of the USN stablecoin project, running on the NEAR Protocol. An initiative, known as USN Protection Programme, is provided for USN holders to swap their USN tokens on a one-to-one basis for USDT.e, on the NEAR network. Two organizations are facilitating this swap:
- Decentral Bank can support conversion up to a total of approximately $40m, via permissionless smart-contract.
- White Knight Protection Inc., via this website, can support conversion up to a total of approximately $40m, via an off-line process involving KYC.
You can read more about the USN Protection Programme via this announcement by the NEAR Foundation.
What is the USN Protection Programme?
The USNPP is a program to provide one-to-one swapping of the USN stablecoin to USDT.e, as part of the expected shutting down of the USN project.
Why should I choose White Knight Protection over Decentral Bank for my conversion?
Decentral Bank offers a permissionless smart-contract-based mechanism for swapping. However, Decentral Bank can not facilitate the redemption of all USN. White Knight Protection Inc., a subsidiary of Aurora Labs, in agreement with the NEAR Foundation, is facilitating the conversion of the balance of outstanding USN. Also for legal reasons, White Knight Protection Inc. requires a process that involves KYC, and restricts certain users and jurisdictions.
Where is my USDT.e?
USDT.e will be sent to the same NEAR wallet from which USN was sent to us, on a 1-1 basis. This website will show the conversion as completed, and will display links to both incoming and returning transactions. If the website shows the conversion as pending, this means our offline procedure has not yet processed your deposit. If the website shows the conversion as rejected, you should contact us for resolution. (See next FAQ.)
I need help.
If you have questions or need assistance, please click the support icon in the bottom right corner, and raise a support ticket with us. A representative will be in touch with you. We target a 24-hour response.