Noon USN (USN) stablecoin analytics
Answer First
What is Noon USN (USN)?
USN is Noon's base dollar, minted 1:1 from USDC or USDT while yield accrues through separate sUSN. The static profile records its US Dollar peg mechanism as: Permissioned institutional mint and redeem path for USN; raw reserve returns accrue to sUSN holders rather than base USN holders.
Is USN safe?
USN holds a C Safety Score grade (59/100) 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 Noon USN uses a CeFi-Dependent governance model and Real-World Asset Backed backing, with Real-Time PoR from Accountable; 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
Noon USN (USN) static profile: governance model CeFi-Dependent; backing model Real-World Asset Backed; peg US Dollar.
AI summary / Updated Sep 23, 2026
Noon's USN is a dollar token issued over an institutional credit book. Every reserve dollar in Accountable's 2026-09-22 attestation reconciles to a named custodian: 62% sits in Fasanara FTAC private credit with a three-month redemption window, 13.4% in HYPE funding-rate arbitrage, 9.9% in tokenized Treasury bills through Dinari's permissioned USD+, 5.4% in undeployed USDC and USDT, and the rest in JAAA CLOs and Morpho and Euler lending. The yield accrues to sUSN; base USN is the settlement token.
AI summary · drafted by glm-5.3 · facts as of Sep 23, 2026
Sources: Noon USN Terms of Service, Noon Accountable dashboard, and Noon liquidity
- Collateral
- USN is minted 1:1 against USDT or USDC, but the deposited assets are redeployed: on Accountable's 2026-09-22 snapshot the reserve composition is 62.0% Fasanara FTAC private credit, 13.4% funding-rate arbitrage, 9.9% tokenized Treasury bills held through Dinari USD+, 5.4% undeployed USDC/USDT, 4.5% Janus Henderson JAAA CLOs, and 4.8% Morpho and Euler lending.
- Peg Mechanism
- Permissioned institutional mint and redeem path for USN; raw reserve returns accrue to sUSN holders rather than base USN holders.
- Jurisdiction
- British Virgin Islands
- Proof Of Reserves
- Real-Time PoR by Accountable Reserve source
Next Actions
Exact bot target: /subscribe dews,depeg,safety usn-noon
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 Sep 23, 2026.
USN quick answers
What is Noon USN (USN)?
USN is Noon's base dollar, minted 1:1 from USDC or USDT while yield accrues through separate sUSN. The static profile records its US Dollar peg mechanism as: Permissioned institutional mint and redeem path for USN; raw reserve returns accrue to sUSN holders rather than base USN holders.
Is USN safe?
USN holds a C Safety Score grade (59/100) 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 Noon USN uses a CeFi-Dependent governance model and Real-World Asset Backed backing, with Real-Time PoR from Accountable; 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 USN?
Pharos classifies USN backing as Real-World Asset Backed. Collateral, per the static profile: USN is minted 1:1 against USDT or USDC, but the deposited assets are redeployed: on Accountable's 2026-09-22 snapshot the reserve composition is 62.0% Fasanara FTAC private credit, 13.4% funding-rate arbitrage, 9.9% tokenized Treasury bills held through Dinari USD+, 5.4% undeployed USDC/USDT, 4.5% Janus Henderson JAAA CLOs, and 4.8% Morpho and Euler lending. Reserve evidence: Real-Time PoR from Accountable.
Can USN 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 USN, when applicable, appear in the dossier below.
