Nerona USD (USDnr) stablecoin analytics
Answer First
What is Nerona USD (USDnr)?
USDnr is Nerona's permissioned 1:1 wrapper of M0's M token backed by short-term U.S. T-bills; T-bill yield accrues to M0 and Nerona, not USDnr holders. The static profile records its US Dollar peg mechanism as: Permissioned 1:1 wrapper around M0's $M token: USDnr is minted by Nerona Labs by depositing/wrapping $M (sourced from MXON, the legal Minter on the M0 network) and burned 1:1 against $M on redemption.
Is USDnr safe?
USDnr holds a C- Safety Score grade (54/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says Nerona USD 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.
Static Profile
Static stablecoin profile
Nerona USD (USDnr) static profile: governance model Centralized (CeFi); backing model Real-World Asset Backed; peg US Dollar.
Variant Relationship
Nerona USD (USDnr) is modeled as a pure wrapper variant of M by M0 (M). Pharos treats parent stress, redemption, mint authority, and dependency context as relevant to this variant before interpreting its own live metrics.
AI summary / Updated Aug 11, 2026
Nerona's USDnr is a thin permissioned wrapper over M0's $M, a tokenized short-term T-bill exposure minted through MXON, with the T-bill carry accruing to the M0 reserve and Nerona rather than holders, who are pointed at the sUSDnr staking vault if they want the yield the marketing promises. The wrapper inherits every M0-layer risk: minter insolvency, governance deactivation, and real-time Validator attestations as the only reserve telemetry.
AI summary · drafted by claude-fable-5 · facts as of Aug 11, 2026
- Collateral
- Backed 1:1 by $M (M0 Protocol's tokenized short-term U.S. Treasury bill exposure, sourced from the M0 Minter MXON). USDnr is a permissioned wrapper minted by Nerona Labs against $M held in M0-managed reserves, with a Stability Reserve buffer maintained on top of circulating supply
- Peg Mechanism
- Permissioned 1:1 wrapper around M0's $M token: USDnr is minted by Nerona Labs by depositing/wrapping $M (sourced from MXON, the legal Minter on the M0 network) and burned 1:1 against $M on redemption. T-bill yield earned by the underlying $M accrues to the M0 reserve and Nerona. USDnr holders receive no rebase or NAV growth. The yield-bearing variant sUSDnr (Upshift ERC-4626 vault) routes that yield to stakers. Mint/redeem is gated to permissioned, KYC-onboarded clients of Nerona's private wealth platform
- Jurisdiction
- Not disclosed in the static profile.
- Proof Of Reserves
- Real-Time PoR by M0 Protocol (on-chain Validator attestations) Reserve source
Next Actions
Exact bot target: /subscribe dews,depeg,safety usdnr-nerona
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 Aug 11, 2026.
USDnr quick answers
What is Nerona USD (USDnr)?
USDnr is Nerona's permissioned 1:1 wrapper of M0's M token backed by short-term U.S. T-bills; T-bill yield accrues to M0 and Nerona, not USDnr holders. The static profile records its US Dollar peg mechanism as: Permissioned 1:1 wrapper around M0's $M token: USDnr is minted by Nerona Labs by depositing/wrapping $M (sourced from MXON, the legal Minter on the M0 network) and burned 1:1 against $M on redemption.
Is USDnr safe?
USDnr holds a C- Safety Score grade (54/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says Nerona USD 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.
What backs USDnr?
Pharos classifies USDnr backing as Real-World Asset Backed. Collateral, per the static profile: Backed 1:1 by $M (M0 Protocol's tokenized short-term U.S. Treasury bill exposure, sourced from the M0 Minter MXON). Reserve evidence: Real-Time PoR from M0 Protocol (on-chain Validator attestations).
Can USDnr 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 USDnr, when applicable, appear in the dossier below.
