> 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/6.-resources/glossary.md).

# Glossary

Definitions for the terms used in Noon's documentation. You can rely on this page for definitions everywhere else on the website.

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Some definitions reference values (seasoning periods, percentages) that are documented in full on their respective sections.

Where a number matters, this glossary links to the page that owns it, so there's a single source of truth.
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## <mark style="color:$primary;">Tokens</mark>

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<summary><mark style="color:violet;"><strong>$USN</strong></mark></summary>

Noon's dollar-pegged stablecoin, designed to hold a value of one US dollar for each unit of <mark style="color:purple;">**$USN**</mark>. Held on its own, <mark style="color:purple;">**$USN**</mark> does not earn yield but it does earn the maximum amount of Noon <mark style="color:green;">**points**</mark>. See [USN and sUSN](/2.-usdusn-and-usdsusn/usdusn-and-usdsusn.md).

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<summary><mark style="color:violet;"><strong>$sUSN</strong></mark></summary>

Staked <mark style="color:purple;">**$USN**</mark>, Noon's yield bearing stablecoin. Protocol yields result in daily price appreciation of <mark style="color:purple;">**$sUSN**</mark>. See [USN and sUSN](/2.-usdusn-and-usdsusn/usdusn-and-usdsusn.md).

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<summary><mark style="color:violet;"><strong>$NOON</strong></mark></summary>

Noon's governance token. Can be earned (via Noon <mark style="color:green;">**points**</mark>) or bought (on public markets). Can be staked for governance rights and rewards. See [<mark style="color:purple;">**$NOON**</mark>](/4.-usdnoon/overview.md).

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<summary><mark style="color:violet;"><strong>$sNOON</strong></mark></summary>

Staked <mark style="color:purple;">**$NOON**</mark>. Confers voting power and other governance rights. Earns rewards via Active Stake, Open Stake, and the buyback and distribution mechanism. See [<mark style="color:purple;">**$NOON**</mark>](/4.-usdnoon/overview.md).

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***

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

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<summary>Mint</summary>

Create new <mark style="color:purple;">**$USN**</mark> directly with the protocol by depositing eligible collateral. Only available for institutional partners. Permissioned; requires KYB. See [Mint and Redeem](/2.-usdusn-and-usdsusn/mint-and-redeem.md).

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<summary>Redeem</summary>

Return <mark style="color:purple;">**$USN**</mark> to the protocol for its underlying value. Permissioned, with limits and a settlement timeline. See [Mint and Redeem](/2.-usdusn-and-usdsusn/mint-and-redeem.md).

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<summary>Stake</summary>

Deposit <mark style="color:purple;">**$USN**</mark> into the stake vault to receive <mark style="color:purple;">**$sUSN**</mark> (or <mark style="color:purple;">**$NOON**</mark> to receive <mark style="color:purple;">**$sNOON**</mark>) and earn yield, governance rights, or stake rewards.

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<summary>Unstake</summary>

Return <mark style="color:purple;">**$sUSN**</mark> to the stake vault to receive <mark style="color:purple;">**$USN**</mark> (or <mark style="color:purple;">**$sNOON**</mark> to receive <mark style="color:purple;">**$NOON**</mark>).

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<summary>Buying</summary>

Using user's tokens ($USDC, $USDT, etc) to purchase <mark style="color:purple;">**$USN**</mark>, <mark style="color:purple;">**$sUSN**</mark> or <mark style="color:purple;">**$NOON**</mark>. Can be done via Noon's App, or directly on DEXes and CEXes where <mark style="color:purple;">**$USN**</mark>, <mark style="color:purple;">**$sUSN**</mark> or <mark style="color:purple;">**$NOON**</mark> are listed.

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<summary>Selling</summary>

Using user's <mark style="color:purple;">**$USN**</mark>, <mark style="color:purple;">**$sUSN**</mark> or <mark style="color:purple;">**$NOON**</mark> to swap for tokens ($USDC, $USDT, etc). Can be done via Noon's App, or directly on DEXes and CEXes where <mark style="color:purple;">**$USN**</mark>, <mark style="color:purple;">**$sUSN**</mark> or <mark style="color:purple;">**$NOON**</mark> are listed.

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<summary>Permissionless</summary>

Open to anyone with a wallet, without application or approval. For example, buying <mark style="color:purple;">**$USN**</mark> or <mark style="color:purple;">**$sUSN**</mark> on a DEX is permissionless.

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<summary>Permissioned</summary>

Restricted to onboarded parties, typically after successful KYC or KYB. Mint and redeem are permissioned.

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<summary>Cooldown</summary>

A waiting period that applies when unstaking a staked token (either <mark style="color:purple;">**$sUSN**</mark> or <mark style="color:purple;">**$sNOON**</mark>) before the underlying token (<mark style="color:purple;">**$USN**</mark> or <mark style="color:purple;">**$NOON**</mark>) is able to be claimed by the user. See [Fees](/2.-usdusn-and-usdsusn/fees.md).

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<summary>Vesting</summary>

The schedule over which <mark style="color:purple;">**$NOON**</mark> tokens become fully claimable. For example, Noon uses a vesting curve for <mark style="color:purple;">**$NOON**</mark> rewards (Active Stake and Open Stake). See [Vesting](/4.-usdnoon/token-distribution-and-supply-allocation.md).

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<summary>Seasoning</summary>

The period the Insurance Fund holds contributions before they become available to be used to buy-back <mark style="color:purple;">**$NOON**</mark>. See [Insurance](/5.-the-security-framework/layered-insurance.md) for the canonical period and mechanism.

</details>

***

## <mark style="color:$primary;">Yield and strategy terms</mark>

<details>

<summary>Real yield</summary>

Return generated from actual economic activity (e.g., deployments in TradFi like U.S. Treasury Bills, or DeFi, like DeFi lending) rather than from token emissions.

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<summary>Delta-neutral</summary>

A strategy structured so its value is insulated from the price fluctuation of underlying assets, by offsetting long and short exposure. Note that delta-neutral removes directional price risk, not all risk. See [Risk management](/5.-the-security-framework/disciplined-risk-management.md).

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<summary>CLO (Collateralized Loan Obligation)</summary>

A security backed by a pool of corporate loans. See [CLOs](/3.-the-yield-engine/yield-strategies/clos.md).

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<summary>BDC (Business Development Company)</summary>

A company that finances small and mid-sized businesses, often publicly traded. See [BDCs](/3.-the-yield-engine/yield-strategies/bdcs.md).

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<summary>Private credit</summary>

Lending by non-bank institutions directly to borrowers, outside public debt markets. See [Private credit](/3.-the-yield-engine/yield-strategies/private-credit.md).

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<summary>PT (Principal Token)</summary>

In yield-trading protocols like Pendle, a PT is the component of a yield-bearing asset that pays out its face value at maturity. See [Principal tokens](/3.-the-yield-engine/yield-strategies/principal-tokens.md).

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<summary>Looping</summary>

A leveraged strategy that repeatedly supplies and borrows to amplify exposure. Carries liquidation risk. See [Looping](/3.-the-yield-engine/yield-strategies/looping.md).

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<summary>T-Bills</summary>

Treasury Bills are short-term, low-risk debt securities issued by the U.S. government, used as a benchmark for low-risk returns in the financial world.

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<summary>APY</summary>

Annual Percentage Yield. Represents the real rate of return earned on an investment over one year, taking into account the effect of compounding interest. Note that APY figures are indicative and subject to market conditions, and not guarantees.

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<summary>Insurance Fund</summary>

A reserve that backstops the Noon protocol against short term volatility, and limited losses. The Noon Insurance Fund has a specific seasoning period, after which funds exit the Insurance Fund and are used to buy-back $NOON. For the seasoning period and how the Noon Insurance Fund is used, see [Insurance](/5.-the-security-framework/layered-insurance.md), which is the canonical source.

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<details>

<summary>Operations Fund</summary>

The fund used to cover the protocol's operating costs. See [Return distribution](/3.-the-yield-engine/return-distribution.md).

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<summary>TGE (Token Generation Event)</summary>

The point at which a token is created and becomes claimable or transferable. For the $NOON token, this took place in mid-2025.

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***

## <mark style="color:$primary;">Infrastructure terms</mark>

<details>

<summary>OFT (Omnichain Fungible Token)</summary>

A LayerZero token standard that lets a token move natively across chains. Relevant to how <mark style="color:purple;">**$USN**</mark> exists on some (not all) chains. See [Interoperability](/2.-usdusn-and-usdsusn/cross-chain-interoperability.md).

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<summary>Bridging</summary>

Moving a token from one chain to another. Noon uses LayerZero and Hyperlane. See [Bridging](/2.-usdusn-and-usdsusn/cross-chain-interoperability/bridging-operations.md).

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<summary>Oracle</summary>

A service that brings off-chain price data on-chain. Noon uses feeds from providers including Stork, Pragma, and Chainlink. See [Oracles](/6.-resources/contract-addresses-and-oracles.md).

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<summary>MPC (Multi-Party Computation)</summary>

A cryptographic method of securing assets so no single party holds a complete key. Used in Noon's custody stack. See [Custody](/5.-the-security-framework/trusted-custody.md).

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<summary>Proof of Solvency</summary>

A real-time, independent verification confirming that the protocol holds sufficient assets to cover liabilities. See [Transparency](/5.-the-security-framework/independent-collateral-verification.md).

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<summary>MultiSig</summary>

A **multi-sig** (short for multi-signature) is a security scheme that requires more than one private key to authorize a digital transaction. Instead of relying on a single key, it distributes control among multiple parties or devices, eliminating the "single point of failure" where a lost or stolen key may result in the total loss of assets.

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***

{% hint style="info" %}
A term missing? [Suggest it in our Discord community](https://discord.gg/2qzmQCceW3) — we update this glossary regularly.
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