nUSD is backed by tokenized equities and USDC. Stake into snUSD to earn variable protocol revenue.
Tokenized equity collateral and USDC reserves, verifiable on chain.
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Depositing approved tokenized equities mints nUSD. That collateral sits on chain, fully visible, under the protocol's collateral and liquidation rules.
Borrowers pay stability fees. Protocol reserves earn base stablecoin yield once realized. That revenue flows to snUSD holders through the staking share price.
Swap USDC for nUSD, then stake into snUSD. When revenue is harvested, the snUSD redemption value grows. Cooldown is set by the staking program.
| nUSD | USDC | |
|---|---|---|
| Backed by | Tokenized US equities + USDC | US Treasuries |
| Yield to holder | Target APR via snUSD staking | Issuer retained |
| PSM exit | 1:1 when idle USDC is available | 1:1 with issuer |
| Issuer | Permissionless protocol | Circle Inc |
| Backing transparency | Live on chain | Monthly attestation |
Protocol accounts shown live on chain. Aggregate vault risk appears when an indexer is connected.
Seeded at launch. Covers liquidation shortfalls before they reach you.
The Nest card. Spend against your equity at the protocol-set rate.
Cost-basis and avoided-gains reporting for advisors.
