The post Wintermute Accuses NEAR Foundation and Aurora Labs of Failing to Redeem USN Stablecoin appeared first on Coinpedia Fintech News
Wintermute, a leading market maker, has publicized a conflict with NEAR Foundation and Aurora Labs over the redemption of USN stablecoin, possibly signifying deeper issues within the cryptocurrency accountability mechanisms after the series of industry shake-ups.
Public service announcement or “how we are not really friends with Near @NEARFoundation and Aurora Labs @auroraisnear going forward”
— wishful cynic (@EvgenyGaevoy) November 7, 2023
Wintermute has accused the NEAR Foundation (NF) and Aurora Labs of breaking the promise of their commitments concerning the redemption of USN stablecoins. The controversy arose as the stablecoin, initially algorithmic and resembling Terra’s UST, encountered a significant design flaw leading to a ‘collateral gap.’
The USN Debacle
Initially pitched as a stablecoin pegged to the US dollar, USN’s journ
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