Noble Dollar (USDN) is a fiat-backed US dollar stablecoin. It has about $1.5M in circulation, ranking #195 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is USDN?
Noble Dollar (USDN) is a fiat-backed US dollar stablecoin. It has about $1.5M in circulation, ranking #195 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: Noble Dollar (USDN) is a yield-bearing stablecoin backed by U.S. Treasuries and built on the M^0 protocol.
USDN supply history
USDN supply fell 21.5% over the past 30 days, to $1.5M. Its peak was $128M in July 2025, and supply is 99% below that high.
Is USDN holding its peg?
There is no live market price for USDN. It is not actively traded on any exchange or DEX we can see, which is common for bank-issued and permissioned stablecoins that are only minted and redeemed directly with the issuer.
Where USDN lives: supply by blockchain
Supply is concentrated: Noble holds 100% of all USDN. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDN is backed
Each USDN is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Minting and redemption: Users can mint or redeem USDN by depositing or withdrawing USDC via the Noble Express app using supported chains like Ethereum, Solana, or Cosmos.
USDN risks
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
With $1.5M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
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 fiat-backed stablecoins
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USDN FAQ
What is USDN?
Noble Dollar (USDN) is a fiat-backed US dollar stablecoin. It has about $1.5M in circulation, ranking #195 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What backs USDN?
USDN is a fiat-backed stablecoin. Each USDN is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Which blockchains is USDN on?
USDN is live on 1 blockchain. The largest by supply are Noble ($1.5M).
How much USDN is in circulation?
About $1.5M of USDN was in circulation at the last update, -21.5% over 30 days. That makes it the #195 stablecoin by supply among those we track.
Is USDN safe?
No stablecoin is risk-free. As a fiat-backed design, USDN's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. Its supply is small, so liquidity can be thin. It currently shows "no market price" on our peg monitor. This page is information, not investment advice.