Nest Basis Vault (nBASIS) stablecoin analytics
Answer First
What is Nest Basis Vault (nBASIS)?
nBASIS is Nest's NAV basis vault combining USTB Treasury and Bitwise Crypto Carry Fund (USCC, formerly Superstate USCC); NAV varies and is not a fixed 1:1 peg. The static profile records its US Dollar-denominated NAV accounting mechanism as: Vault LP token whose value targets a dollar base and drifts with the basis-trade strategy NAV; primary mint and redemption occur through Nest at vault NAV against USDC and pUSD
Is nBASIS safe?
Pharos does not assess nBASIS as safe: it holds a D Safety Score grade (42/100) in the latest published rating, which flags significant structural risk. Static metadata says Nest Basis Vault uses a CeFi-Dependent governance model and Real-World Asset Backed backing, with live reserve feed configured; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Static Profile
Static stablecoin profile
Nest Basis Vault (nBASIS) static profile: governance model CeFi-Dependent; backing model Real-World Asset Backed; peg US Dollar-denominated NAV.
AI summary / Updated Sep 7, 2026
nBASIS is Nest Credit's basis-trade vault: a NAV-accreting share whose book is mostly the Superstate USCC cash-and-carry fund, with a smaller Superstate USTB T-bill sleeve and a thin stablecoin buffer, so the perpetual and futures carry sits inside the underlying fund rather than being run by Nest directly. Closer in profile to Ethena USDe or Midas mRe7YIELD than to a par stablecoin, the token's value drifts with funding-rate performance rather than holding $1. Pharos lists it because the strategy references the...
AI summary · drafted by claude-fable-5-1 · facts as of Sep 7, 2026
- Collateral
- Current Nest data shows small liquid USDC/USDT/pUSD plus Superstate USTB and Superstate USCC only; the current USCC fund is presented as the Bitwise Crypto Carry Fund (formerly Superstate USCC). The current page snapshot is 0.63% liquid, 11.7% USTB, and 87.7% USCC.
- Peg Mechanism
- Vault LP token whose value targets a dollar base and drifts with the basis-trade strategy NAV; primary mint and redemption occur through Nest at vault NAV against USDC and pUSD
- Jurisdiction
- Marshall Islands
- Proof Of Reserves
- No proof-of-reserves entry in the static profile.
Next Actions
Exact bot target: /subscribe dews,depeg,safety nbasis-nest
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Sep 7, 2026.
nBASIS quick answers
What is Nest Basis Vault (nBASIS)?
nBASIS is Nest's NAV basis vault combining USTB Treasury and Bitwise Crypto Carry Fund (USCC, formerly Superstate USCC); NAV varies and is not a fixed 1:1 peg. The static profile records its US Dollar-denominated NAV accounting mechanism as: Vault LP token whose value targets a dollar base and drifts with the basis-trade strategy NAV; primary mint and redemption occur through Nest at vault NAV against USDC and pUSD
Is nBASIS safe?
Pharos does not assess nBASIS as safe: it holds a D Safety Score grade (42/100) in the latest published rating, which flags significant structural risk. Static metadata says Nest Basis Vault uses a CeFi-Dependent governance model and Real-World Asset Backed backing, with live reserve feed configured; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs nBASIS?
Pharos classifies nBASIS backing as Real-World Asset Backed. Collateral, per the static profile: Current Nest data shows small liquid USDC/USDT/pUSD plus Superstate USTB and Superstate USCC only; the current USCC fund is presented as the Bitwise Crypto Carry Fund (formerly Superstate USCC). The current page snapshot is 0.63% liquid... Reserve evidence: live reserve feed configured.
Can nBASIS be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for nBASIS, when applicable, appear in the dossier below.
