Noble Dollar (USDN) stablecoin analytics
USDN is Noble chain's native rebasing yield-bearing dollar backed by short-term U.S. T-bills via M0, with T-bill yield accruing directly to USDN balances.
Static Profile
Static stablecoin profile
Noble Dollar (USDN) static profile: governance model Centralized (CeFi); backing model Real-World Asset Backed; peg US Dollar.
AI summary / Updated Jun 3, 2026
Noble's USDN is an IBC-native rebasing dollar backed 100% by T-bills held in bankruptcy-remote SPVs via M0 — solid fundamentals, vanishing demand. The asset has shed much of its supply over a single month, a trajectory that undercuts the bullish thesis even though the peg...
AI summary · drafted by claude-opus-4-8 · reviewed by @TokenBrice on Jun 3, 2026 · facts as of Jun 3, 2026
- Collateral
- Short-term U.S. Treasury Bills held in bankruptcy-remote SPVs via M0 Protocol; over 100% collateral coverage maintained by M0 Minters (including Superstate and MXON); collateral verified daily on-chain
- Peg Mechanism
- Rebasing yield-bearing stablecoin; USDN is collateralized by M0's $M token on Ethereum via M0's Portal bridge (Wormhole NTT); the Noble chain module tracks each holder's principal against the latest rebasing multiplier from M0 on Ethereum, accruing T-bill yield directly to USDN balances; users mint/redeem via USDC through the Noble Express app
- Jurisdiction
- United States
- Proof Of Reserves
- Real-Time PoR by M0 Protocol (on-chain Validator attestations) Reserve source
- Contracts
- 1 deployment tracked across Noble.
Snippet Answer
Is USDN safe?
Pharos does not mark USDN as absolutely safe. Static metadata says Noble Dollar uses a Centralized (CeFi) governance model and Real-World Asset Backed backing, with Real-Time PoR from M0 Protocol (on-chain Validator attestations); the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Next Actions
Exact bot target: /subscribe dews,depeg,safety usdn-noble
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Jun 3, 2026.
USDN quick answers
What is Noble Dollar (USDN)?
USDN is Noble chain's native rebasing yield-bearing dollar backed by short-term U.S. T-bills via M0, with T-bill yield accruing directly to USDN balances. The static profile records its US Dollar peg mechanism as: Rebasing yield-bearing stablecoin; USDN is collateralized by M0's $M token on Ethereum via M0's Portal bridge (Wormhole NTT); the Noble chain module tracks each holder's principal against the latest rebasing multiplier from M0 on...
What backs USDN?
Pharos classifies USDN backing as Real-World Asset Backed. Collateral, per the static profile: Short-term U.S. Treasury Bills held in bankruptcy-remote SPVs via M0 Protocol; over 100% collateral coverage maintained by M0 Minters (including Superstate and MXON); collateral verified daily on-chain Reserve evidence: Real-Time PoR from M0 Protocol (on-chain Validator attestations).
Can USDN be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for USDN, when applicable, appear in the dossier below.