Our stablecoin: USN (& sUSN)

Summary details about USN and sUSN

USN

US Noon, or USN, is Noon's stablecoin.. It maintains a 1:1 peg to the US Dollar. USN will be deployed first on Ethereum, and then brought to other L1 and L2 chains.

Acquiring USN: Permissioned institutional users can mint USN on the Noon dApp. All other users can acquire USN via pools on DEXes.

Exiting USN: Permissioned institutional users can redeem USN on the Noon dApp. Redemption may be subject to daily limits, especially during the Public Beta period. All other users can sell USN via pools on DEXes.

Benefits of holding USN: Users holding USN will receive a disproportionate amount of governance token ($NOON) rewards. They will not receive any raw yield.

Collateral and Backing: USN will always be backed 1:1 with USDT, USDC, or short-term U.S. Treasury Bills. Each of these assets will be held in secure, custodial wallets.

sUSN

USN can be staked via the Noon dApp. Staking USN gives users access to a staking token, sUSN.

Acquiring sUSN: All users can acquire sUSN by staking USN on the Noon dApp, or buying sUSN via pools on DEXes

Exiting sUSN: All users can unstake sUSN to receive USN on the Noon dApp, or sell sUSN via pools on DEXes. Unstaking sUSN will be subject to a cooldown period.

Benefits of holding sUSN: Users holding sUSN will receive 80% of the raw returns of Noon. In addition, these users will also receive a small distribution of the Noon governance token ($NOON).

Collateral and Backing: Each sUSN token will represent a share of the USN that is held in the USN staking smart contract / pool. sUSN will always be fully backed by USN. The value of sUSN will be computed directly by dividing the USN held in the staking smart contract / pool by the number of sUSN in circulation.

Value accrual to sUSN: On a daily basis, Noon will mint USN equivalent to the 80% of the daily protocol returns into the USN staking smart contract / pool. As the amount of USN in this smart contract / pool increases, the value of each sUSN will appreciate.

Additional details about the our stablecoin can be found in subsequent sections of this document.