$USN or $sUSN?

$USN and $sUSN serve different purposes. This page lays out the trade-off so you can decide which one, or both, fits your goals.

The short version

Key questions	$USN	$sUSN
Does it earn yield	No	Yes - 80% of protocol returns
Does it earn other rewards?	Yes - at a higher rate	Yes - at a lower rate
Best for	Maximising points accrual; spending and moving dollars on-chain	Stable cash yield on a

The real decision is not yield versus nothing. It is which return you optimise for. $sUSN pays the protocol's cash yield.

$USN forgoes cash yield but accrues Noon points at a higher rate. Points lead to $NOON rewards, which can be higher over the long term.

Both choices can be valid for different objectives.

Full details

Holding $USN

$USN is designed to maintain a 1:1 peg to the US dollar.

It's the right choice in two situations.

(1) The first is flexibility: paying, transferring, or holding dollars on-chain without committing to staking.

(2) The second is points. $USN accrues Noon points at a higher rate than $sUSN. Points lead to $NOON rewards. Holders seeking governance-token upside can stay in $USN, accept zero yield today, and accumulate points faster.

The mechanics, current rates, and any boosts live on Rewards and Multipliers pages.

Points are a programme, not yield. Their conversion to $NOON is not fixed. The value of $NOON can also change.

Like any market-traded asset, the price for $NOON depends on available liquidity. Protocol redemptions are permissioned and limited.

Holding $sUSN

$sUSN is the yield-bearing position.

Buy $sUSN directly or stake $USN , and receive $sUSN, and accrue a share of distributed returns over time. Stakers receive 80% of the protocol's distributable returns; see Return Distribution.

$sUSN still earns points, but at a lower rate than $USN. Holding $sUSN does not opt out of points. It weights your return toward cash yield.

Yield comes from diversified strategies. It is not fixed but we do have a floor with our T-Bills strategy (read more here: U.S. T-Bills Explained: The Floor of Noon's Yield Strategy). This moves with strategy performance and market conditions.

See Return Generation and Past Returns.

Choosing between them

A simple way to frame it:

• You want stable cash yield on committed dollars → $sUSN. You take the 80% share of protocol returns.

• You want maximum points accrual toward $NOON → $USN. You forgo today's yield for a higher claim on governance-token rewards, accepting that points and $NOON carry their own uncertainty.

• You want optionality → nothing stops you splitting a position, holding some $USN for points and flexibility and staking the rest.

Neither token is the "advanced" choice. They suit different risk profiles.

A note on returns

Noon's strategies target competitive yield across market cycles, but returns vary and are not guaranteed. Any yield or APY figure is indicative, not a promise. Noon does not guarantee better returns than other protocols.

For past returns, please see the page below.

Past Returns

Verifying reserves

The full reserve ratio, wallet balances, and vault composition are publicly visible at noon.accountable.capital. Partners, users, and regulators can verify solvency in seconds.