USN is an algorithmic US dollar stablecoin. It has about $1.4M in circulation, ranking #203 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
USN price
$0.9991
On peg Circulating supply
$1.4M
30-day change
0.0%
Price
$0.9991
Blockchains
2
Tracked since
Jul 2022
What is USN?
USN is an algorithmic US dollar stablecoin. It has about $1.4M in circulation, ranking #203 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
In the issuer's words: USN is a NEAR-native stablecoin.
USN supply history
$39.6M$0
Jul 4, 2025Jun 30, 2026
$131M$0
Jul 10, 2022Jun 30, 2026
USN supply was flat over the past 30 days. Its peak was $139M in July 2022, and supply is 99% below that high.
Is USN holding its peg?
Last price
$0.9991
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
USN is spread across several networks. The largest, Near, holds 57% of supply. Check that the token on your chain is the issuer's official contract, not a bridged copy.
How USN is backed
USN 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: Using the Decentral Bank app, users swap USDT to mint USN 1:1. USN can be redeemed for USDT 1:1 at any time.
USN risks
Reflexive collapse
With little hard collateral, falling confidence can feed on itself, the pattern that destroyed TerraUSD in 2022.
Small and thinly traded
With $1.4M 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 algorithmic stablecoins
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USN in the news
USN FAQ
What is USN?
USN is an algorithmic US dollar stablecoin. It has about $1.4M in circulation, ranking #203 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 $0.9991, a deviation of -0.09%, which we classify as "on peg".
What backs USN?
USN is an algorithmic stablecoin. USN 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 USN on?
USN is live on 2 blockchains. The largest by supply are Near ($810K), Aurora ($609K).
How much USN is in circulation?
About $1.4M of USN was in circulation at the last update, 0.0% over 30 days. That makes it the #203 stablecoin by supply among those we track.
Is USN safe?
No stablecoin is risk-free. As a algorithmic design, USN'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 "on peg" on our peg monitor. This page is information, not investment advice.