Neutrino USD
Stablecoin Profile
Neutrino USD (USDN) is an algorithmic stablecoin — its USD peg is maintained by on-chain protocol mechanics rather than off-chain reserves. $31.1M is currently in circulation across 4 blockchain networks. The mechanism adjusts supply (mint and burn) in response to market price deviations from the target peg.
About Neutrino USD (USDN)
Neutrino USD (USDN) is an algorithmic stablecoin pegged to the US dollar and backed by WAVES.
NSBT stakers can mint 1 USDN by burning $1 worth of WAVES, and vice-versa.
Recent supply activity
Neutrino USD (USDN) supply was unchanged in the last 24 hours, was unchanged over the past week, and was unchanged over the past 30 days.
Steady issuance: supply has held roughly flat (0.00% over 30 days), consistent with mature stablecoin liquidity dynamics.
Supply History
Network distribution
Neutrino USD circulates across 4 blockchain networks. Waves hosts the largest share at 98.38%, followed by Ethereum at 1.56%. Cross-chain distribution has remained broadly stable over the past 30 days.
| Chain | Supply | Share | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Waves | $30.6M | 98.38% | 0.00% | 0.00% |
| Ethereum | $487.4K | 1.56% | 0.00% | 0.00% |
| BSC | $16K | 0.05% | 0.00% | 0.00% |
| Polygon | $1.7K | 0.01% | 0.00% | 0.00% |
Peg stability history
Neutrino USD (USDN) relies on protocol-level supply rebalancing rather than direct asset redemption to defend its 1.00 USD peg. The spot price is currently $0.0762 (-92.383% deviation). Algorithmic designs carry materially higher peg-failure risk than reserve-backed stablecoins — the May 2022 Terra/UST collapse remains the canonical reference case.
How algorithmic stablecoins defend their peg
Algorithmic stablecoins attempt to balance supply and demand through protocol-level mint/burn incentives — typically against a paired governance or seigniorage token. When the price drops below $1.00, the protocol burns supply (often by letting holders swap into a discounted asset); when it rises above $1.00, the protocol mints new tokens. This design only holds when the paired asset retains independent demand. If the market loses faith in the paired asset, the feedback loop reverses and produces a hyperinflationary "death spiral" — the failure mode that wiped out roughly $60B in the Terra/UST collapse.
Practical implications for holders
- Peg-failure tail risk is materially higher than reserve-backed designs. Position sizing should reflect this — algorithmic stablecoins are not a "cash equivalent" for risk-management purposes.
- Read the latest collateralisation ratio carefully: many "algorithmic" stablecoins have since migrated to partial or full collateralisation. The label can lag the actual mechanism.
- Reflexive feedback loops mean small redemption pressure can cascade. Exit liquidity should be assessed during normal conditions, not after stress begins.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (algorithmic) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Compare Neutrino USD to other algorithmic stablecoins
Below are the largest algorithmic stablecoins tracked on Mantapex alongside Neutrino USD (USDN). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Supply | Mechanism | Chains |
|---|---|---|---|
| Frax (FRAX) | $212M | algorithmic | 22 |
| Bean (BEAN) | $33.4M | algorithmic | 1 |
| SpiceUSD (USDS) | $18M | algorithmic | 4 |
| Mento Dollar (USDm) | $16M | algorithmic | 5 |
| Alchemix USD (ALUSD) | $13.7M | algorithmic | 4 |
Across mechanism classes
If you're researching USDN as part of a broader stablecoin allocation, it's worth comparing it across mechanism classes — each design has different counterparty, custody, and tail-risk profiles.
Peg Stability
Chain Distribution
Resources & data sources
Neutrino USD (USDN) is tracked across major crypto data providers. The links below open Neutrino USD (USDN)'s pages on CoinGecko, CoinMarketCap and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from defillama. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Recent Neutrino USD news
Latest reporting from major crypto news outlets covering Neutrino USD.
- Blockworks
Noble launches yield-bearing USDN stablecoin
This is a segment from the 0xResearch newsletter. To read full editions, subscribe.
- The Block
Cosmos-based Noble's yield-paying USDN stablecoin goes live
The launch is accompanied by a new “points” campaign, which will provide alternative ways to earn yield or future rewards.
- Coinspeaker
Noble Reveals Plans to Launch USDN: First Custom Stablecoin Using M^0 Infrastructure
The Noble and M^0 partnership introduces USDN, a secure and decentralized stablecoin that bridges blockchain ecosystems with innovative issuance and robust security features.
- Crypto Economy
Noble Blockchain Launches USDN Stablecoin, Leveraging M^0's Decentralized Technology
TL;DR Noble, a Cosmos-based blockchain, launches USDN, a stablecoin backed by M^0's decentralized infrastructure, focusing on security and interoperability. This blockchain acts…
- Coincu
Neutrino Community Votes To Transform USDN Into Multi-Collateral Asset With A Soft Peg
Key Points: The plan to make USDN a multi-collateral asset with a soft peg has been endorsed by the Neutrino community. Now, in addition to WAVES, USDN will also be backed by the…
- CryptoSlate
USDN to become WINDX – a multi-collateralized soft-pegged asset
On the Waves Tech weekly community AMA on December 23, Waves CEO Sashi Ivanov revealed the USDN revival plan, involving turning USDN into a multi-collateralized asset, a…
- NewsBTC
WAVES Gets Dragged Down By USDN, Despite Pumping Investor Distribution
There is enormous negative sentiment surrounding USDN. And with USDN continuously falling off its track, it's also pulling WAVES down.
- AMBCrypto
WAVES sees increased investor distribution as USDN troubles persist
Despite recent claims that Neutrino USD [USDN] is not intrinsically linked to Waves [WAVES], the recent troubles of the algorithmic crypto-collateralized stablecoin led to a…
Related stablecoins
Stablecoins comparable to Neutrino USD by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other algorithmic stablecoins
Stablecoins pegged to USD
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.