Nexus USD (NUSD) is a crypto-backed US dollar stablecoin. It has about $2.0M in circulation, ranking #185 among the stablecoins CoinScoop tracks, and runs on 9 blockchains.
What is NUSD?
Nexus USD (NUSD) is a crypto-backed US dollar stablecoin. It has about $2.0M in circulation, ranking #185 among the stablecoins CoinScoop tracks, and runs on 9 blockchains.
In the issuer's words: nUSD, or "nexus" USD, is a cross-chain stablecoin fully backed by the nexus stablecoin liquidity pool on Ethereum consisting of DAI, USDC, and USDT.
NUSD supply history
NUSD supply fell 9.1% over the past 30 days, to $2.0M. Its peak was $43.1M in June 2022, and supply is 95% below that high.
Is NUSD holding its peg?
NUSD is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where NUSD lives: supply by blockchain
NUSD is spread across several networks. The largest, Ethereum, holds 70% of supply. Check that the token on your chain is the issuer's official contract, not a bridged copy.
How NUSD is backed
NUSD 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: When a stablecoin is bridged between Synapse-enabled chains, the funds are automatically converted to nUSD, and bridged to the destination chain. Once there, this nUSD can be auto-swapped to that chain's native stablecoins using the local nUSD pool.
NUSD risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
With $2.0M 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.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
NUSD vs USDT and USDC
Similar crypto-backed stablecoins
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NUSD FAQ
What is NUSD?
Nexus USD (NUSD) is a crypto-backed US dollar stablecoin. It has about $2.0M in circulation, ranking #185 among the stablecoins CoinScoop tracks, and runs on 9 blockchains.
Is NUSD pegged 1:1 to the US dollar?
NUSD targets 1 USD. At the last update it traded at $0.9991, a deviation of -0.09%, which we classify as "on peg".
What backs NUSD?
NUSD is a crypto-backed stablecoin. NUSD 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 NUSD on?
NUSD is live on 9 blockchains. The largest by supply are Ethereum ($1.4M), Boba ($147K), Avalanche ($140K).
How much NUSD is in circulation?
About $2.0M of NUSD was in circulation at the last update, -9.1% over 30 days. That makes it the #185 stablecoin by supply among those we track.
Is NUSD safe?
No stablecoin is risk-free. As a crypto-backed design, NUSD'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.