Neutrino USD (USDN) is an algorithmic US dollar stablecoin. It has about $6.4M in circulation, ranking #150 among the stablecoins CoinScoop tracks, and runs on 4 blockchains.
What is USDN?
Neutrino USD (USDN) is an algorithmic US dollar stablecoin. It has about $6.4M in circulation, ranking #150 among the stablecoins CoinScoop tracks, and runs on 4 blockchains.
In the issuer's words: Neutrino USD (USDN) is an algorithmic stablecoin pegged to the US dollar and backed by WAVES.
USDN supply history
USDN supply was flat over the past 30 days. Its peak was $1.04B (face value) in April 2022, and token supply is 61% below that high.
Is USDN holding its peg?
USDN is trading more than 2% below its target, so treat it as depegged. Check the issuer's announcements and redemption status before acting.
Where USDN lives: supply by blockchain
Supply is concentrated: Waves holds 98% of all USDN. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDN is backed
USDN relies mainly on code and market incentives, rather than full reserves, to hold its peg. This design has historically been the most fragile.
Minting and redemption: NSBT stakers can mint 1 USDN by burning $1 worth of WAVES, and vice-versa.
USDN risks
With little hard collateral, falling confidence can feed on itself, the pattern that destroyed TerraUSD in 2022.
With $6.4M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
At the last update USDN traded at $0.0158 against a target of 1.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDN vs USDT and USDC
Similar algorithmic stablecoins
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USDN FAQ
What is USDN?
Neutrino USD (USDN) is an algorithmic US dollar stablecoin. It has about $6.4M in circulation, ranking #150 among the stablecoins CoinScoop tracks, and runs on 4 blockchains.
Is USDN pegged 1:1 to the US dollar?
USDN targets 1 USD. At the last update it traded at $0.0158, a deviation of -98.42%, which we classify as "depegged".
What backs USDN?
USDN is an algorithmic stablecoin. USDN relies mainly on code and market incentives, rather than full reserves, to hold its peg. This design has historically been the most fragile.
Which blockchains is USDN on?
USDN is live on 4 blockchains. The largest by supply are Waves ($402M), Ethereum ($6.4M), BSC ($210K).
How much USDN is in circulation?
About $6.4M of USDN was in circulation at the last update, 0.0% over 30 days. That makes it the #150 stablecoin by supply among those we track.
Is USDN safe?
No stablecoin is risk-free. As a algorithmic design, USDN's main risks are a self-reinforcing loss of confidence (the "death spiral" that broke TerraUSD in 2022), thin or absent collateral, and smart-contract bugs. Its supply is small, so liquidity can be thin. It currently shows "depegged" on our peg monitor. This page is information, not investment advice.