Noon USN (USN): Uses, Supply and Risks

Noon USN (USN) is a stablecoin from Noon Capital designed to track the US dollar at a 1:1 value. Its intended role is to provide a dollar-denominated asset that can be transferred and held on supported blockchains. The project describes a basis-yield strategy for generating returns, but USN and sUSN have different functions: USN is the unstaked token, while sUSN is the staking wrapper that receives protocol yield. Holding USN alone should not be treated as earning that yield. Any return associated with sUSN depends on the protocol’s strategy and is not guaranteed. Like other stablecoins, USN’s target peg is an aim, not a promise that it will always trade for exactly one dollar. Its market price can move above or below that level.

USN can be used as an on-chain dollar-denominated asset, including for transfers and for entering the Noon protocol’s staking process. A holder who stakes USN may receive sUSN, which is designed to reflect accrued protocol yield; the value and availability of that yield can vary. The project describes its yield approach as combining strategies, and public descriptions of sUSN refer to sources such as private credit, funding-rate strategies, DeFi lending and Treasury bills. These activities introduce risks and do not make returns certain. Check the current protocol terms and supported routes before interacting, especially if you are deciding between holding USN and staking for sUSN. Do not assume that USN itself pays interest or that sUSN can always be exchanged back into USN immediately at a fixed value.

As of 2026-11-05, reported circulating and total supply were both about 38.0 million USN, with no maximum supply specified. Supply can change as tokens are created or removed, so treat these figures as a dated snapshot rather than a fixed limit. The reported price was about $1 and market capitalization about $38.0 million on that date; both figures move with market conditions and token supply. USN is issued on Ethereum, Starknet and zkSync Era. It is not listed here as the native token of any of those networks. A token displayed with the USN ticker may not be the genuine asset: verify the chain and contract address through Noon’s official information before receiving or sending it. Cross-chain transfers can involve bridges or other services, each with separate operational and security risks.

USN carries stablecoin risks, including loss of its dollar peg, problems with redemption or liquidity, and failures involving the issuer, reserve assets, yield strategies, smart contracts or third-party services. USN’s intended dollar value does not mean it is insured or that every holder can redeem directly for dollars on demand. Staking into sUSN adds further exposure to the protocol’s strategies and to the mechanics of the staking wrapper. Before using either token, review current terms, reserve and redemption information, contract details, and any withdrawal limits. For storage, use a wallet that supports the relevant network and protect its recovery phrase offline; never share it or sign transactions you do not understand. If holding USN on an exchange, account access and custody depend on that provider. Check the receiving network carefully, since sending tokens to an incompatible address can result in loss.