NXUSD

Q: Is NXUSD safe?

As of Nov 8, 2026, Pharos grades NXUSD C- (51/100) on its Safety Score. Pharos's reviews record that no direct power to freeze holders was found on its material deployments. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

Q: What backs NXUSD?

Pharos records NXUSD's reserves as of Aug 8, 2026 as 100% Nereus overcollateralized crypto positions including DAI collateral. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.

Q: Can NXUSD be frozen or blacklisted?

Based on tracked contract metadata and blacklist coverage, no direct freeze-control path sets the verdict under the reviewed deployment-materiality scope.

· 51/100as of 2026-11-08

NXUSD is a Nereus Finance overcollateralized CDP issued on Avalanche and Polygon; the token has shown a sustained soft-depeg pattern around its $1 target.

Updated —

USD-Pegged Crypto-Backed Centralized-Dependent

07 Apr 2022

Price

$0.9818

N/A

Market cap

$7.76M

0.00% 24h

Supply

7.90M NXUSD

+1.86% 7d

+1.91% 30d

DEWSAlert45/100 · as of 2026-11-08

Peg

Liq

30d Excess

Price

$0.9818

N/A

Market cap

$7.76M

0.00% 24H

Supply

7.90M NXUSD

+1.86% 7D · +1.91% 30D

30d Excess

MechanismCrypto CDPMintingIssuer direct FreezeNoChains2 JurisdictionNot disclosed

MintingIssuer direct FreezeNoChains2 JurisdictionNot disclosed

The Nereus CDP Dollar

NXUSD is a crypto-backed debt token minted through Nereus Finance on Avalanche and Polygon via mechanics. Pharos prices it from a low-volume fallback feed, and the token has drifted on both sides of par, including a discount of several hundred basis points in July 2026. Those episodes were short enough to leave the peg score intact, so the C- overall grade comes from structure instead. Economic control is the weakest pillar: minting is economically unbounded, and the Cauldron markets price collateral through single-source or laggy oracle routes with no common freshness check. Exit sits close behind because no holder redemption route is documented, and the borrower-repayment path is not open to ordinary holders. The reserve stack is modeled as lending positions across more than twenty debt-bearing Avalanche markets, but Nereus publishes no per-market collateral weights, so the notional backing depends on collateral volatility and . The durable constraint is that holders have no exit of their own, so the peg rests on borrowers repaying and liquidators acting.

Updated 2026-10-19 · AI summary · drafted by claude-opus-5-5 · facts as of 2026-10-19

AI policy

CeFi-Dependent|Compare

Backing evidence

NXUSD

Overcollateralized

212.5%as reviewed

Review notes & sources (5)

Ex WXT collateralization ratio: 132.1%
WXT debt share: 75.1%
Observed bad debt NXUSD: 5,748

Reviewed gaps

Liquidation capacity ratioNot applicable
All 17 live Cauldrons liquidate through external callers who supply their own NXUSD to repay borrower debt; the reviewed deployments and CauldronV2 source define no stability pool, insurance fund, or other protocol-committed capital, so there is no committed liquidation capacity to measure.Source

Nereus pinned Avalanche deployments (17 Cauldron addresses and per-market configuration)

Reviewed 2026-07-20

Exit evidence

NXUSD Redemption route

No holder route

Only borrowers repaying debt reclaim collateral; holders exit through markets.

Review notes & sources (2)

Nereus's current site describes perpetual trading and cross-chain deposits and withdrawals, but does not identify an NXUSD redemption gateway. The historical borrower-repayment path is not a verified current holder route.

nereus.finance

Reviewed 2026-10-01

Control evidence

NXUSD Mint Authority

The issuer mints NXUSD directly, controlled by two 2/3 Safes; supply is unbounded under adverse authority.

Confidence: VerifiedControl posture: Multisig controlled

Control map

IssuerIssuer direct

ControlsDirect minter Safe×22/3

SupplyNXUSDUnbounded, adverse authority

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (2)

Nereus NXUSD owner multisig (2/3 Gnosis Safe)
Direct minter / Safe
avalanche / 0xdd3de3...341467
MintDirectSetupSafe, 2/3 thresholdSafe modules/guardNo modules or guards detected
NXUSD uses BoringOwnable; mint() rate-limits to 15% of total supply per 24h window.
Nereus Polygon NXUSDV2 owner multisig (2/3 Gnosis Safe)
Direct minter / Safe
polygon / 0xc4eca7...8a7ef8
MintDirectSetupSafe, 2/3 thresholdSafe modules/guardNo modules or guards detected
NXUSDV2 uses owner-only minting with the same 15% of total supply per 24h rolling rate limit as the Avalanche deployment.

Incident history (1)

Mint incident 2022-09-06Resolved

A flash-loan manipulation of the AVAX/USDC JLP collateral price let an attacker borrow far more NXUSD than justified by collateral, creating about $500K of NXUSD bad debt.

Nereus Finance flash-loan analysis Financial Express - Nereus NXUSD bad debt

Review notes & sources (14)

NXUSD is a BoringOwnable CDP stablecoin with two independent native issuance deployments. On Avalanche, mint() is onlyOwner under Gnosis Safe 0xdd3de3b819edd3a014fda93868d7dfc873341467, a 2-of-3 Safe with no modules or guard; on Polygon, owner-only minting is controlled by Gnosis Safe 0xc4eca7d55db3dc217a2edfff3da05fca4d8a7ef8, also 2-of-3 with no modules or guard. Both owner Safes administer their native NXUSD deployment and Nereus CDP parameters.

Control posture

Material control is classified as requiring approval from a defined group of signers through a multisignature account.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

Reviewed 2026-08-16

NXUSD

Single-source / laggy

Collateral is priced from a single-source or laggy feed.

Oracle review: Verified

Max LTV90%

Liquidation delayNone

Pricing path

SourcesNereus AVAXOracle / ChainlinkNereus AvaxUsdt ProxyOracleNereus BTCOracle / Chainlink+12 more

AggregatorSingle-source / laggy15 feeds

ConsumerLiquidation engine

Feeds, parameters & failure behavior

Feeds

Chainlink AVAX/USD 0x0A77230d17318075983913bC2145DB16C7366156 -> inverse WAVAX rate · Nereus AVAXOracle / Chainlink · Avalanche
WAVAX/USDT.e Trader Joe LP state -> AVAX LP oracle -> Chainlink AVAX/USD -> proxy implementation 0xEd5D79F369D878C9038ac156D7D71b6364756f8e · Nereus AvaxUsdt ProxyOracle · Avalanche
Chainlink BTC/USD 0x2779D32d5166BAaa2B2b658333bA7e6Ec0C65743 -> inverse BTC.b and WBTC.e rate · Nereus BTCOracle / Chainlink · Avalanche
Chainlink DAI/USD 0x51D7180edA2260cc4F6e4EebB82FEF5c3c2B8300 -> inverse DAI.e rate · Nereus DAIOracle / Chainlink · Avalanche
WAVAX/USDC Trader Joe LP reserves and supply -> Chainlink AVAX/USD 0x0A77230d17318075983913bC2145DB16C7366156 plus USDC/USD 0xF096872672F44d6EBA71458D74fe67F9a77a23B9 · Nereus JLPWAVAXUSDCOracle · Avalanche
Chainlink JOE/USD 0x02D35d3a8aC3e1626d3eE09A78Dd87286F5E8e3 -> inverse JOE rate · Nereus JOEOracle / Chainlink · Avalanche
JOE/WAVAX Trader Joe 10-minute cumulative-price TWAP -> xJOE share conversion -> Chainlink AVAX/USD -> proxy implementation 0xF675bB0C1cde2179D19B2ea0E6e5e9D2053B3D87 · Nereus xJOE ProxyOracle · Avalanche
Chainlink LINK/USD 0x49ccd9ca821EfEab2b98c60dC60F518E765EDe9a -> inverse LINK.e rate · Nereus LINKOracle / Chainlink · Avalanche
MIM/WAVAX LP state -> Chainlink MIM/USD 0x54EdAB30a7134A16a54218AE64C73e1DAf48a8Fb plus AVAX/USD 0x0A77230d17318075983913bC2145DB16C7366156 -> proxy implementation 0x3e6ef9E97147C266c5bddeF03E7dfba7a167d853; the same outer oracle is configured by both live Trader Joe and SushiSwap Cauldrons · Nereus MimAvax ProxyOracle · Avalanche
Chainlink USDC/USD 0xF096872672F44d6EBA71458D74fe67F9a77a23B9 -> inverse USDC rate · Nereus USDCOracle / Chainlink · Avalanche
USDC.e/WAVAX Trader Joe LP state -> AVAX LP oracle -> Chainlink AVAX/USD -> proxy implementation 0x648Af26592C7425447B8EEe647F4106b97a27793 · Nereus UsdcAvax ProxyOracle · Avalanche
Chainlink ETH/USD 0x976B3D034E162d8bD72D6b9C989d545b839003b0 -> inverse WETH.e rate · Nereus ETHOracle / Chainlink · Avalanche
Chainlink WXT/USDT 0x17F7589C98e6e58FdA9B1ceaa2021DB3779549fA -> inverse WXT rate · Nereus WXTOracle / Chainlink · Avalanche
Curve av3CRV virtual price -> minimum of Chainlink DAI/USD 0x51D7180edA2260cc4F6e4EebB82FEF5c3c2B8300, USDC/USD 0xF096872672F44d6EBA71458D74fe67F9a77a23B9, and USDT/USD 0xEBE676ee90Fe1112671f19b6B7459bC678B67e8a · Nereus av3CRVOracle · Avalanche
sAVAX totalPooledAvax/totalShares conversion -> Chainlink AVAX/USD 0x0A77230d17318075983913bC2145DB16C7366156 -> inverse sAVAX rate · Nereus sAVAXOracle / Chainlink · Avalanche

Avalanche debt-bearing Cauldron markets

WAVAX · max LTV 75% · Cauldron 0xc337467F7266Fa6677d8459D4bC531d056348Da8; liquidation multiplier 112.5%; nonzero totalBorrow at the observed block.

WAVAX/USDT.e Trader Joe LP · max LTV 85% · Cauldron 0x0a1e6a80E93e62Bd0D3D3BFcF4c362C40FB1cF3D; liquidation multiplier 108%; nonzero totalBorrow at the observed block.

BTC.b · max LTV 85% · Cauldron 0x13d370e3de628387FD27709aE9fA9Bc7d2bc9C29; liquidation multiplier 107%; nonzero totalBorrow at the observed block.

DAI.e · max LTV 90% · Cauldron 0x42E07D41312E752143d72Fd0daE60B301ff139De; liquidation multiplier 105%; nonzero totalBorrow at the observed block.

WAVAX/USDC Trader Joe LP · max LTV 75% · Cauldron 0xC0A7a7F141b6A5Bce3EC1B81823c8AFA456B6930; liquidation multiplier 112.5%; nonzero totalBorrow at the observed block.

JOE · max LTV 50% · Cauldron 0x5E1A0e4bfb9329513E62E4fc7DC7Ce8C3CbBE7c7; liquidation multiplier 112.5%; nonzero totalBorrow at the observed block.

xJOE · max LTV 75% · Cauldron 0x3b63f81Ad1fc724E44330b4cf5b5B6e355AD964B; liquidation multiplier 105%; nonzero totalBorrow at the observed block.

LINK.e · max LTV 50% · Cauldron 0x0207B99E529310Eb413254B4504FE3F4a509f717; liquidation multiplier 112.5%; nonzero totalBorrow at the observed block.

MIM/WAVAX Trader Joe LP · max LTV 85% · Cauldron 0x2450Bf8e625e98e14884355205af6F97E3E68d07; liquidation multiplier 108%; nonzero totalBorrow at the observed block.

MIM/WAVAX SushiSwap LP · max LTV 85% · Cauldron 0xAcc6821d0F368b02d223158F8aDA4824dA9f28E3; liquidation multiplier 108%; nonzero totalBorrow at the observed block. The live Cauldron points to the same outer oracle as the Trader Joe market.

USDC · max LTV 90% · Cauldron 0xD75a20314FB7FBE79EC7474497d5Bf09e9c00cfc; liquidation multiplier 105%; nonzero totalBorrow at the observed block.

USDC.e/WAVAX Trader Joe LP · max LTV 85% · Cauldron 0x95cCe62C3eCD9A33090bBf8a9eAC50b699B54210; liquidation multiplier 108%; nonzero totalBorrow at the observed block.

WBTC.e · max LTV 85% · Cauldron 0x88A6414466D61b9Fb6aaFC763c1BaB6EE1462631; liquidation multiplier 107%; nonzero totalBorrow at the observed block.

WETH.e · max LTV 85% · Cauldron 0x570F08643B4B1573514244d8f0B5005718Fa3e8a; liquidation multiplier 107%; nonzero totalBorrow at the observed block.

WXT · max LTV 80% · Permissioned Cauldron 0xD70Bfc49f4a293920c8642e97217807a0132284B; liquidation multiplier 110%; nonzero totalBorrow at the observed block.

av3CRV · max LTV 87.5% · Cauldron 0x8Fb8884C031c49038966a39895f0E141F1Ed14AD; liquidation multiplier 107%; nonzero totalBorrow at the observed block.

sAVAX · max LTV 75% · Cauldron 0x0194eB3520b7d7eB0b014FCe6ed464Eaea0Ca765; liquidation multiplier 112.5%; nonzero totalBorrow at the observed block.

The cited CauldronV2 source, re-read 2026-10-20, requires liquidatorManager.info(msg.sender).isAllowed before liquidation. An approved liquidator updates the exchange rate, checks insolvency, repays selected NXUSD debt parts and receives corresponding BentoBox collateral shares at the market liquidation multiplier. The previous any-caller description was unsupported by that same source; no current complete deployment or approved-liquidator census is inferred. · liquidation delay None

The reviewed deployments and cited Cauldron source define no Stability Pool, insurance pool, or automatic protocol-funded shortfall backstop. The cited engine relies on an approved liquidator supplying NXUSD in exchange for seized collateral.

Nereus oracle wrappers generally read Chainlink latestAnswer or latestRoundData without checking updatedAt, answeredInRound, or a heartbeat, and there is no alternate provider. Cauldron updateExchangeRate keeps its prior cached rate only when oracle.get returns false, as the xJOE TWAP can before initialization or its 10-minute period; an oracle revert propagates and blocks the operation. Owner-swappable ProxyOracle implementations are administrative replacements, not automatic failover.

The Cauldron subtracts only the borrow parts selected and repaid by a successful liquidation. Debt that is not economically liquidated remains assigned to borrower positions and continues accruing; the reviewed source defines no global settlement or automatic write-off. The NXUSD owner Safe retains a rate-limited direct mint path, but that privilege is not an automatic bad-debt mechanism.

Review notes & sources (6)

NXUSD's 17 debt-bearing Avalanche Cauldrons use collateral-specific Chainlink, LP, TWAP, or staking-rate oracle routes without a common freshness check or alternate provider; a false oracle result preserves the Cauldron's cached rate, while a reverting route blocks the update.

Avalanche debt-bearing Cauldron markets: The 17 historically reviewed Avalanche Cauldrons retained debt at the original observation block. Their cited common-engine source requires approved liquidators; this branch is not a current exhaustive all-chain market census.

Reviewed 2026-07-14

NXUSD

All burn & mint

2 routes on 2 chains, all issuer burn & mint.

Confidence: Probable

Routes by chain (2)

Equal widths, supply split unavailable

Review notes & sources (4)

Nereus issued distinct owner-mintable NXUSD contracts on Avalanche and Polygon. No lockbox or third-party bridge contract was identified, so the two deployments are treated as issuer-native issuance rather than one bridged token.

Reviewed 2026-07-15

NXUSD

Not freezable

Under the reviewed deployment-materiality scope, no issuer freeze, seizure, or holder blacklist path sets the verdict. Peripheral deployment controls, if any, are described in the review notes.

Sourced review

Power and scope

PowerNot freezable

ScopeCanonical · PermissionlessAdditional · Permissionless

Reviewed deployments (2)

AvalancheCanonical · Permissionless
PolygonAdditional · Permissionless

Transfer posture reviewed 2026-08-08.

Review notes & sources (14)

NXUSD direct controls were re-examined under the FreezeWatch decision procedure (docs/blacklist-tracker.md) before applying the reserve fallback. At Avalanche97945563 (hash0x29e60db7db9bda6ca6b0722c948d3ccc38add149f5ec84df69d30844a5a0cc40, 2026-10-19T06:36:08Z), canonical token0xf14f4ce569cb3679e99d5059909e23b07bd2f387 has owner0xdd3de3b819edd3a014fda93868d7dfc873341467, totalSupply18963850.983822079394713991 and zero EIP1967 implementation/admin slots. Exact verified NXUSD.sol plus BoringERC20 source expose ordinary transfers, owner-only mint/mintToBentoBox and caller-only burn; no token proxy, upgrade dispatcher, blacklist, transfer pause, arbitrary-holder burn or holder-exit restriction exists. Polygon0xf955a6694c6f5629f5ecd514094b3bd450b59000 is verified non-proxy NXUSDV2 with the same issuance/selfburn model; withdraw only transfers tokens already owned by the token contract. At Polygon95792660 (hash0xb0632086badc44489f41f2e36f1c3625b318f534eb24cf0653a7e4ae66e14fa0, 2026-10-19T07:18:57Z), owner0xc4eca7d55db3dc217a2edfff3da05fca4d8a7ef8 and supply1546000 were independently read. Polygon is9.3923% of circulation in the supply data; raw supply fraction is7.537841%, with a different denominator, but both deployments were examined regardless. No declared parent claim exists. Token source URLs: https://api.routescan.io/v2/network/mainnet/evm/43114/etherscan/api?module=contract&action=getsourcecode&address=0xf14f4ce569cb3679e99d5059909e23b07bd2f387 ; https://polygonscan.com/address/0xf955a6694c6f5629f5ecd514094b3bd450b59000#code (exact source retrieved through Etherscan v2 chainid137). The live bundle https://nxusd.nereus.finance/js/app.60bde321.js lists16 Avalanche market rows, while official deployment manifests add legacy markets omitted from that frontend. The independently measured16-row debt total at numeric Avalanche97945563 is7040536.420471147154571174. Dominant WXT market0xd70bfc49f4a293920c8642e97217807a0132284b alone reports totalBorrow elastic/base4974640945623375000000000, or4974640.945623375, with collateral0xfcde4a87b8b6fa58326bb462882f1778158b02f1. This same raw debt was reproduced at numeric97947156 and97948011; an auxiliary Routescan tag=latest result19432.1911938413 and resulting61.30%/82.16% partial percentages were contradicted by pinned RPC and are rejected, not used. WXT's exact verified MintSwapCanonicalToken/MultiBridgeToken has burn(from,amount) without holder allowance, and owner-settable updateBridgeSupplyCap. At97945563 owner is the same2-of-3 Safe0xdd3de3b819edd3a014fda93868d7dfc873341467; getOwners enumerates0x90bd1ecd6cf2cf87552c870e403f71cafde0cd90,0xa91c2397677b726e727befdd6bf047d03ee35db8,0x8c355e95b533a508e309efa4af4b26e000ab76a6 and getThreshold=2. The current admitted bridge0x88dcdc47d2f83a99cf0000fdf667a468bb958a78 is a verified PeggedTokenBridge whose public burn passes msg.sender to WXT.burn, so that member alone is not arbitrary-holder-capable; however the assigned issuer-token owner can admit a caller that invokes the existing burn(from) against arbitrary holders. WXT therefore has a qualifying issuer-controlled Possible basis, not merely DAO governance or mint-only authority; the full debt share counts under the FreezeWatch decision procedure (docs/blacklist-tracker.md). Verified WXT and bridge source use the same Routescan getsourcecode endpoint for those addresses. DAI.e and aAvaDAI count categorically under the FreezeWatch decision procedure (docs/blacklist-tracker.md); av3CRV is entirely DAI/USDC/USDT, so all constituents qualify and value-splitting cannot change its100% qualifying fraction. Same-pin Curve pool0x7f90122bf0700f9e7e1f688fe926940e8839f353 underlying_coins(uint256) enumerated DAI.e0xd586e7f844cea2f87f50152665bcbc2c279d8d70,USDC.e0xa7d7079b0fead91f3e65f86e8915cb59c1a4c664,USDT.e0xc7198437980c041c805a1edcba50c1ce5db95118; index3 reverts. Aave vaults asset() followed by UNDERLYING_ASSET_ADDRESS() resolve aAvaUSDT to AvalancheUSDT0x9702230a8ea53601f5cd2dc00fdbc13d4df4a8c7, aAvaUSDC to nativeUSDC0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e, and aAvaDAI to DAI.e. qiUSDCn asset()->BENQI underlying() resolves nativeUSDC. DAO-only Aave/BENQI governance is not the counted basis; the terminal stablecoin issuers are. Conservatively count WXT4974640.945623375,WBTC.e409927.608254264792715669,BTC.b531314.561325243268970728,DAI.e153.551128801405580977,USDC182497.852160412510292820,av3CRV0.1005,aAvaUSDT50120.21626794042436726,aAvaUSDC94544.979689850565399255,aAvaDAI50250.994049828297334945,qiUSDCn9900.175057323399988135 and PolygonWBTC0.1005, totaling6303351.084557039664649789. No favorable allocation is needed for WETH.e,LINK.e or the small other LP/unknown rows in this floor. All discovered manifest addresses were queried with totalBorrow/collateral/totalCollateralShare, deduplicated against frontend rows;26 Avalanche contracts total7086759.551174653743866422, including three zero-debt masters. Primary manifest directory: https://github.com/nereusfinance/nereus-stablecoin-core/tree/e75e91b072a9d2346503383aafa2d40abc7ea582/deployments/avalanche . Four Polygon clones at95792660 add WMATIC176.056832373191831126 (0x233b0c4e5866a04974e0ed56261954606bc4d09b),WETH0.1005 (0x726cbd3d7552563bd2eaff4f6818b422582de1ae),WBTC0.1005 (0x1be3fa93a236040fa1d3f6bf0389f4aca5b454f4),NRS718675.5 (0xe36ee25cbb653c445b912fc081a959d867f560d7), totaling718851.757832373191831126. Known combined debt7805611.309007026935697548 yields a qualifying lower bound80.75409901% ONLY WITHIN THAT PARTIAL SET. For unknown additional debt M, the whole-system lower bound would be6303351.084557039664649789/(7805611.309007026935697548+M); the missing-debt threshold for a guaranteed strict majority is M<4801090.860107052393602030. With no defensible finite bound on M, unconditional whole-system percentage bounds remain0-100. AV+Polygon raw supply20509850.983822079394713991 gives a supply-denominated30.73328563% sensitivity; this does not cross50 even under a hypothetical total-debt<=supply cap. That cap is not proven: NXUSD/NXUSDV2 ownership can mint independently of debt, selfburn independently destroys token supply, and market elastic debt includes accrued interest. Both mint(to,amount) and mintToBentoBox(clone,amount,box) are owner-only with15%-per24h rate limits, not a masters-only debt-linked issuance invariant. Missing joins: exhaustive per-chain clone/debt inventory, all11 Polygon frontend market labels joined to clones, whether Base's empty frontend network has any actual market/token deployment, and owner mint/idle inventory/escrow reconciled to live debt. Do not substitute totalCollateralShare (BentoBox shares) or totalSupply for the required debt-weighted collateral denominator. No follows: no positive Upstream or direct Possible verdict is inferred from missing reserves.

Reviewed 2026-10-19

Regulatory standing

Not reviewed

Sustained soft depeg

NXUSD has shown a sustained soft-depeg pattern, with extended periods between $0.95 and $1.01 on CoinGecko/DefiLlama feeds. Treat collateral classification as advisory rather than live redemption assurance.

Key links

Website Twitter

NXUSD Contracts

2 deployments tracked across Avalanche and Polygon.

Primary contract

Avalanche

0xf14f...f387

View on Avalanche explorer

Avalanche0xf14f...f387

Polygon0xf955...9000

Contract addresses (2)

Avalanche 0xf14f4ce569cb3679e99d5059909e23b07bd2f387
Polygon 0xf955a6694c6f5629f5ecd514094b3bd450b59000

Supply & Liquidity

History

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Peers

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DAI

Taxonomy

All US Dollar stablecoins CeFi-Dependent stablecoins Crypto-Collateralized stablecoins

Trackers

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Actions

Open NXUSD in live compare Set NXUSD Telegram alerts Browse stablecoin comparisons Read the daily digest Use the Pharos API

Safety

C-· 51/100

as of 2026-11-08

Peg Liquidity DEWSAlert· 45/100 · as of 2026-11-08

Collateralization

Overcollateralized

212.5%as reviewed

Details & sources (5)

Ex WXT collateralization ratio: 132.1%
WXT debt share: 75.1%
Observed bad debt NXUSD: 5,748

Reviewed gaps

Liquidation capacity ratioNot applicable
All 17 live Cauldrons liquidate through external callers who supply their own NXUSD to repay borrower debt; the reviewed deployments and CauldronV2 source define no stability pool, insurance fund, or other protocol-committed capital, so there is no committed liquidation capacity to measure.Source

Nereus pinned Avalanche deployments (17 Cauldron addresses and per-market configuration)

Reviewed 2026-07-20

Access posture

Loading published access posture…

Regulatory standing

Not reviewed

Price Transparency

$0.9818

LowSources 1/3

Sources

CoinGecko

Key links

Website Twitter

NXUSD Contracts

Avalanche0xf14f...f387

Polygon0xf955...9000

News

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Evidence index

Exit

Redemption routeNo holder route

Control

Mint AuthorityMint score loading
Collateral pricing & liquidationSingle-source / laggy
Bridging & deploymentsAll burn & mint
Freeze & seizureNot freezable

Profile

NXUSD profile facts

NXUSD (NXUSD) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.

CeFi-Dependent Crypto-Collateralized US Dollar

Collateral: Overcollateralized Nereus Finance lending positions, primarily Avalanche ecosystem crypto collateral
Peg mechanism: Borrowed stablecoin minted against overcollateralized deposits in Nereus markets and repaid or liquidated through protocol rules
Jurisdiction: Not disclosed in the static profile.
Proof of reserves: No proof-of-reserves entry in the static profile.
Contracts: 2 deployments tracked across Avalanche and Polygon.

Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.

NXUSD quick answers

What is NXUSD?

NXUSD is a Nereus Finance overcollateralized CDP issued on Avalanche and Polygon; the token has shown a sustained soft-depeg pattern around its $1 target. The static profile records its US Dollar peg mechanism as: Borrowed stablecoin minted against overcollateralized deposits in Nereus markets and repaid or liquidated through protocol rules.

Is NXUSD safe?

As of Nov 8, 2026, Pharos grades NXUSD C- (51/100) on its Safety Score. Pharos's reviews record that no direct power to freeze holders was found on its material deployments. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

What backs NXUSD?

Pharos records NXUSD's reserves as of Aug 8, 2026 as 100% Nereus overcollateralized crypto positions including DAI collateral. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.

Can NXUSD be frozen or blacklisted?

Based on tracked contract metadata and blacklist coverage, no direct freeze-control path sets the verdict under the reviewed deployment-materiality scope.

Backing evidence

NXUSD

Overcollateralized

212.5%as reviewed

Review notes & sources (5)

Ex WXT collateralization ratio: 132.1%
WXT debt share: 75.1%
Observed bad debt NXUSD: 5,748

Reviewed gaps

Liquidation capacity ratioNot applicable
All 17 live Cauldrons liquidate through external callers who supply their own NXUSD to repay borrower debt; the reviewed deployments and CauldronV2 source define no stability pool, insurance fund, or other protocol-committed capital, so there is no committed liquidation capacity to measure.Source

Nereus pinned Avalanche deployments (17 Cauldron addresses and per-market configuration)

Reviewed 2026-07-20

Exit evidence

NXUSD Redemption route

No holder route

Only borrowers repaying debt reclaim collateral; holders exit through markets.

Review notes & sources (2)

nereus.finance

Reviewed 2026-10-01

Control evidence

NXUSD Mint Authority

The issuer mints NXUSD directly, controlled by two 2/3 Safes; supply is unbounded under adverse authority.

Confidence: VerifiedControl posture: Multisig controlled

Control map

IssuerIssuer direct

ControlsDirect minter Safe×22/3

SupplyNXUSDUnbounded, adverse authority

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (2)

Nereus NXUSD owner multisig (2/3 Gnosis Safe)
Direct minter / Safe
avalanche / 0xdd3de3...341467
MintDirectSetupSafe, 2/3 thresholdSafe modules/guardNo modules or guards detected
NXUSD uses BoringOwnable; mint() rate-limits to 15% of total supply per 24h window.
Nereus Polygon NXUSDV2 owner multisig (2/3 Gnosis Safe)
Direct minter / Safe
polygon / 0xc4eca7...8a7ef8
MintDirectSetupSafe, 2/3 thresholdSafe modules/guardNo modules or guards detected
NXUSDV2 uses owner-only minting with the same 15% of total supply per 24h rolling rate limit as the Avalanche deployment.

Incident history (1)

Mint incident 2022-09-06Resolved

A flash-loan manipulation of the AVAX/USDC JLP collateral price let an attacker borrow far more NXUSD than justified by collateral, creating about $500K of NXUSD bad debt.

Nereus Finance flash-loan analysis Financial Express - Nereus NXUSD bad debt

Review notes & sources (14)

Control posture

Material control is classified as requiring approval from a defined group of signers through a multisignature account.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

Reviewed 2026-08-16

NXUSD

Single-source / laggy

Collateral is priced from a single-source or laggy feed.

Oracle review: Verified

Max LTV90%

Liquidation delayNone

Pricing path

SourcesNereus AVAXOracle / ChainlinkNereus AvaxUsdt ProxyOracleNereus BTCOracle / Chainlink+12 more

AggregatorSingle-source / laggy15 feeds

ConsumerLiquidation engine

Feeds, parameters & failure behavior

Feeds

Chainlink AVAX/USD 0x0A77230d17318075983913bC2145DB16C7366156 -> inverse WAVAX rate · Nereus AVAXOracle / Chainlink · Avalanche
WAVAX/USDT.e Trader Joe LP state -> AVAX LP oracle -> Chainlink AVAX/USD -> proxy implementation 0xEd5D79F369D878C9038ac156D7D71b6364756f8e · Nereus AvaxUsdt ProxyOracle · Avalanche
Chainlink BTC/USD 0x2779D32d5166BAaa2B2b658333bA7e6Ec0C65743 -> inverse BTC.b and WBTC.e rate · Nereus BTCOracle / Chainlink · Avalanche
Chainlink DAI/USD 0x51D7180edA2260cc4F6e4EebB82FEF5c3c2B8300 -> inverse DAI.e rate · Nereus DAIOracle / Chainlink · Avalanche
WAVAX/USDC Trader Joe LP reserves and supply -> Chainlink AVAX/USD 0x0A77230d17318075983913bC2145DB16C7366156 plus USDC/USD 0xF096872672F44d6EBA71458D74fe67F9a77a23B9 · Nereus JLPWAVAXUSDCOracle · Avalanche
Chainlink JOE/USD 0x02D35d3a8aC3e1626d3eE09A78Dd87286F5E8e3 -> inverse JOE rate · Nereus JOEOracle / Chainlink · Avalanche
JOE/WAVAX Trader Joe 10-minute cumulative-price TWAP -> xJOE share conversion -> Chainlink AVAX/USD -> proxy implementation 0xF675bB0C1cde2179D19B2ea0E6e5e9D2053B3D87 · Nereus xJOE ProxyOracle · Avalanche
Chainlink LINK/USD 0x49ccd9ca821EfEab2b98c60dC60F518E765EDe9a -> inverse LINK.e rate · Nereus LINKOracle / Chainlink · Avalanche
MIM/WAVAX LP state -> Chainlink MIM/USD 0x54EdAB30a7134A16a54218AE64C73e1DAf48a8Fb plus AVAX/USD 0x0A77230d17318075983913bC2145DB16C7366156 -> proxy implementation 0x3e6ef9E97147C266c5bddeF03E7dfba7a167d853; the same outer oracle is configured by both live Trader Joe and SushiSwap Cauldrons · Nereus MimAvax ProxyOracle · Avalanche
Chainlink USDC/USD 0xF096872672F44d6EBA71458D74fe67F9a77a23B9 -> inverse USDC rate · Nereus USDCOracle / Chainlink · Avalanche
USDC.e/WAVAX Trader Joe LP state -> AVAX LP oracle -> Chainlink AVAX/USD -> proxy implementation 0x648Af26592C7425447B8EEe647F4106b97a27793 · Nereus UsdcAvax ProxyOracle · Avalanche
Chainlink ETH/USD 0x976B3D034E162d8bD72D6b9C989d545b839003b0 -> inverse WETH.e rate · Nereus ETHOracle / Chainlink · Avalanche
Chainlink WXT/USDT 0x17F7589C98e6e58FdA9B1ceaa2021DB3779549fA -> inverse WXT rate · Nereus WXTOracle / Chainlink · Avalanche
Curve av3CRV virtual price -> minimum of Chainlink DAI/USD 0x51D7180edA2260cc4F6e4EebB82FEF5c3c2B8300, USDC/USD 0xF096872672F44d6EBA71458D74fe67F9a77a23B9, and USDT/USD 0xEBE676ee90Fe1112671f19b6B7459bC678B67e8a · Nereus av3CRVOracle · Avalanche
sAVAX totalPooledAvax/totalShares conversion -> Chainlink AVAX/USD 0x0A77230d17318075983913bC2145DB16C7366156 -> inverse sAVAX rate · Nereus sAVAXOracle / Chainlink · Avalanche