Neutrl USD (NUSD) is a crypto-backed US dollar stablecoin. It has about $35.5M in circulation, ranking #88 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is NUSD?
Neutrl USD (NUSD) is a crypto-backed US dollar stablecoin. It has about $35.5M in circulation, ranking #88 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: Neutrl USD (NUSD) is a crypto-native synthetic dollar designed to deliver market-neutral yield while maintaining price stability. It is backed by a diversified, overcollateralized portfolio that combines discounted OTC-acquired crypto assets, liquid stablecoin reserves, and delta-neutral positions, with on-chain transparency and risk management at its core.
NUSD supply history
NUSD supply fell 33.5% over the past 30 days, to $35.5M. Its peak was $231M in February 2026, and supply is 85% below that high.
Is NUSD holding its peg?
There is no live market price for NUSD. 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 NUSD lives: supply by blockchain
Supply is concentrated: Ethereum holds 100% of all NUSD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
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: Users can mint NUSD by depositing supported collateral into the protocol, which is deployed across a delta-neutral portfolio designed to maintain a stable USD peg. Price stability is achieved through fully hedged OTC positions, liquid stablecoin reserves (such as USDC, USDT, and USDe), and duration-matched liquidity management. NUSD can be redeemed against underlying reserves, with peg maintenance supported by arbitrage incentives, dynamic hedging adjustments, and the rapid deployment of liquid reserves during periods of market stress.
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 $35.5M 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.
NUSD vs USDT and USDC
Similar crypto-backed stablecoins
See all →
NUSD FAQ
What is NUSD?
Neutrl USD (NUSD) is a crypto-backed US dollar stablecoin. It has about $35.5M in circulation, ranking #88 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
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 1 blockchain. The largest by supply are Ethereum ($35.5M).
How much NUSD is in circulation?
About $35.5M of NUSD was in circulation at the last update, -33.5% over 30 days. That makes it the #88 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 "no market price" on our peg monitor. This page is information, not investment advice.