Noon USN (USN) is a crypto-backed US dollar stablecoin. It has about $36.1M in circulation, ranking #87 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
USN price
$0.9990
On peg Circulating supply
$36.1M
30-day change
+5.7%
Price
$0.9990
Blockchains
2
Tracked since
Feb 2025
What is USN?
Noon USN (USN) is a crypto-backed US dollar stablecoin. It has about $36.1M in circulation, ranking #87 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
In the issuer's words: USN is an over-collateralized stablecoin pegged to the US Dollar. It is a synthetic dollar which provides an yield to users by a basket of delta neutral strategies.
USN supply history
$40.3M$18.4M
Oct 8, 2025Oct 8, 2026
$40.2M$18.4M
Feb 4, 2025Oct 8, 2026
USN supply grew 5.7% over the past 30 days, to $36.1M. Its peak was $39.1M in August 2026, and supply is 8% below that high.
Is USN holding its peg?
Last price
$0.9990
Target
1.0000 USD
Status
On pegUSN is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USN lives: supply by blockchain
Supply is concentrated: Ethereum holds 100% of all USN. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USN is backed
USN is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: Noon enables users to deposit USDT & USDC as collateral to create USN. Stability is secured through delta-neutral hedging strategies.
Reserve reports and audits: docs.noon.capital
USN risks
Collateral and liquidations
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Smart contracts and oracles
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Small and thinly traded
With $36.1M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Bridged versions
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USN vs USDT and USDC
Similar crypto-backed stablecoins
See all →
USN in the news
USN FAQ
What is USN?
Noon USN (USN) is a crypto-backed US dollar stablecoin. It has about $36.1M in circulation, ranking #87 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
Is USN pegged 1:1 to the US dollar?
USN targets 1 USD. At the last update it traded at $0.9990, a deviation of -0.10%, which we classify as "on peg".
What backs USN?
USN is a crypto-backed stablecoin. USN is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is USN on?
USN is live on 2 blockchains. The largest by supply are Ethereum ($36.1M), Sophon ($8K).
How much USN is in circulation?
About $36.1M of USN was in circulation at the last update, +5.7% over 30 days. That makes it the #87 stablecoin by supply among those we track.
Is USN safe?
No stablecoin is risk-free. As a crypto-backed design, USN's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.