> For the complete documentation index, see [llms.txt](https://docs.noon.capital/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.noon.capital/2.-usdusn-and-usdsusn/usdusn-or-usdsusn.md).

# $USN or $sUSN?

<mark style="color:violet;">**$USN**</mark> and <mark style="color:violet;">**$sUSN**</mark> serve **different purposes**. This page lays out the trade-off so you can decide which one, or both,  fits your goals.

## <mark style="color:$primary;">The short version</mark>

| 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**. <mark style="color:violet;">**$sUSN**</mark> pays the protocol's **cash yield**.

<mark style="color:violet;">**$USN**</mark> **forgoes cash yield** but accrues <mark style="color:purple;">**Noon**</mark> points at a higher rate. Points lead to <mark style="color:violet;">**$NOON**</mark> rewards, which can be higher over the long term.

Both choices can be valid for **different objectives**.

## <mark style="color:$primary;">Full details</mark>

### Holding <mark style="color:violet;">**$USN**</mark>

<mark style="color:violet;">**$USN**</mark> 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**. <mark style="color:violet;">**$USN**</mark> accrues <mark style="color:purple;">**Noon**</mark> points at a higher rate than <mark style="color:violet;">**$sUSN**</mark>. Points lead to <mark style="color:violet;">**$NOON**</mark> rewards. Holders seeking governance-token upside can stay in <mark style="color:violet;">**$USN**</mark>, accept **zero yield today**, and accumulate points faster.

The mechanics, current rates, and any boosts live on [**Rewards**](/4.-usdnoon/rewards.md) and [**Multipliers**](/4.-usdnoon/rewards/multipliers.md) pages.

Points are a **programme, not yield**. Their conversion to <mark style="color:violet;">**$NOON**</mark> is not fixed. The value of <mark style="color:violet;">**$NOON**</mark> can also change.

Like any market-traded asset, the price for <mark style="color:violet;">**$NOON**</mark> depends on **available liquidity**. Protocol redemptions are **permissioned and limited**.

### Holding <mark style="color:violet;">**$sUSN**</mark>

<mark style="color:violet;">**$sUSN**</mark> is the **yield-bearing position**.

Buy <mark style="color:violet;">**$sUSN**</mark> directly or stake <mark style="color:violet;">**$USN**</mark> , and receive <mark style="color:violet;">**$sUSN**</mark>, and accrue a share of distributed returns over time. Stakers receive **80%** of the protocol's distributable returns; see [**Return Distribution**](/3.-the-yield-engine/return-distribution.md).

<mark style="color:violet;">**$sUSN**</mark> still earns points, but at a lower rate than <mark style="color:violet;">**$USN**</mark>. Holding <mark style="color:violet;">**$sUSN**</mark> 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**](https://x.com/noon_capital/article/2077041506360205382)). This moves with strategy performance and market conditions.

See [**Return Generation**](http:///yield/return-generation) and [**Past Returns**](/3.-the-yield-engine/past-returns.md).

### Choosing between them

A simple way to frame it:

* **You want stable cash yield on committed dollars** → <mark style="color:purple;">**$sUSN**</mark>. You take the 80% share of protocol returns.
* **You want maximum points accrual toward&#x20;**<mark style="color:purple;">**$NOON**</mark> → <mark style="color:purple;">**$USN**</mark>. You forgo today's yield for a higher claim on governance-token rewards, accepting that points and <mark style="color:purple;">**$NOON**</mark> carry their own uncertainty.
* **You want optionality** → nothing stops you splitting a position, holding some <mark style="color:purple;">**$USN**</mark> for points and flexibility and staking the rest.

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

## <mark style="color:$primary;">A note on returns</mark>

<mark style="color:purple;">**Noon**</mark>'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**. <mark style="color:purple;">**Noon**</mark> does not guarantee better returns than other protocols.

For past returns, please see the page below.

{% content-ref url="/pages/4LXzkhmdtkM3S6fZvlZd" %}
[Past Returns](/3.-the-yield-engine/past-returns.md)
{% endcontent-ref %}

## <mark style="color:$primary;">Verifying reserves</mark>

The full reserve ratio, wallet balances, and vault composition are **publicly visible** at [noon.accountable.capital](https://noon.accountable.capital/). Partners, users, and regulators can **verify solvency in seconds**.