The NEAR Token price rose 23% to $12.40 following its integration with the decentralized payment network Terra, according toannounceby developer
Terra’s UST token, a stablecoin with a one-to-one value against the US dollar. It will be supported on the Near network, the developers said in the announcement.
NEAR was trading between $8.6 and $9.5 on Tuesday night prior to the news announcement and pushed it past the resistance, according to trading data from CoinGecko.
Terra Stablecoins Come to the Near Network
The issuance of UST on Near is the result of a partnership between Terra and decentralized financial instruments ( DeFi NearPad and Rose, with developers saying the move will facilitate UST’s growth to new ecosystems, both NEAR and Aurora, the bridge used to move assets between Ethereum and Near.
Terra has a growing user base and is expanding to other blockchains to create more use cases. As of Tuesday, Terra became the world’s second largest DEFI ecosystem after Ethereum.
Near co-founder Illia Polosukhin explains, “Stablecoins like UST have a simple interface to store value. and interact with apps that require a stable measure of value.”
“Connecting the NEAR and Terra ecosystems through Allbridge will allow apps like Rose and NearPad to offer new ways to use stablecoin for both communities,” Polosukhin added.
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