---
title: "Nest Basis Vault (nBASIS) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/nbasis-nest/"
description: "Build-time stablecoin profile for Nest Basis Vault (nBASIS). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Nest Basis Vault (nBASIS)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** CeFi-Dependent

**Status:** active

## Overview

Nest Credit basis-trade vault token combining tokenized T-bill collateral with perpetual shorts; NAV-accreting rather than $1-pegged, value drifts with funding-rate performance. nBASIS is Nest Credit's {{term:basis-trade}}basis-trade{{/term}} strategy vault: tokenised {{term:treasury}}T-bill{{/term}} collateral combined with {{term:perpetual}}perpetual{{/term}} short positions, rebalanced by Nest. Closer in profile to Ethena USDe or Midas mRe7YIELD than to a par stablecoin — the token's value drifts with {{term:funding-rate}}funding-rate{{/term}} performance rather than holding $1. Pharos lists it because the strategy references the dollar as its base and the Nest Credit positions API publishes live NAV, but the methodology treats nBASIS as a strategy vault with high collateral-quality risk and a NAV-token notice.

## Collateral

Basis-trade strategy book combining tokenised T-bill collateral (Superstate USTB / USCC) on Plume with perpetual short positions; risk-managed and rebalanced by Nest

## 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

| Country | Regulator | License |
| --- | --- | --- |
| Marshall Islands | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x11113ff3a60c2450f4b22515cb760417259ee94b` | 6 |
| plume | `0x11113ff3a60c2450f4b22515cb760417259ee94b` | 6 |
| plasma | `0x11113ff3a60c2450f4b22515cb760417259ee94b` | 6 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/nbasis-nest.