---
title: "Noble Dollar (USDN) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usdn-noble/"
description: "Build-time stablecoin profile for Noble Dollar (USDN). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-03"
---



# Noble Dollar (USDN)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

Noble's USDN is an IBC-native rebasing dollar backed 100% by {{term:treasury}}T-bills{{/term}} held in bankruptcy-remote SPVs via M0 — solid fundamentals, vanishing demand. The asset has shed much of its supply over a single month, a trajectory that undercuts the bullish thesis even though the peg itself barely flinches and stress readings sit at the calm end of the scale. The C+ safety grade is the honest verdict here: the collateral story is clean, with real-time reserve verification through M0's dashboard and on-chain {{term:attestation}}attestations{{/term}}, but the asset has no rated liquidity to speak of, and only a couple of shallow depeg blips on record do little to offset that. The rebasing mechanism that passes T-bill yield directly to holders is an elegant design that would normally support adoption, yet the supply contraction suggests Cosmos ecosystem demand alone cannot sustain it. Noble's proven IBC infrastructure has moved billions in USDC transfers, but USDN still needs a reason for those dollars to stay as USDN rather than passing through.

## Collateral

Short-term U.S. Treasury Bills held in bankruptcy-remote SPVs via M0 Protocol; over 100% collateral coverage maintained by M0 Minters (including Superstate and MXON); collateral verified daily on-chain

## Peg Mechanism

Rebasing yield-bearing stablecoin; USDN is collateralized by M0's $M token on Ethereum via M0's Portal bridge (Wormhole NTT); the Noble chain module tracks each holder's principal against the latest rebasing multiplier from M0 on Ethereum, accruing T-bill yield directly to USDN balances; users mint/redeem via USDC through the Noble Express app

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| United States | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| noble | `uusdn` | 6 |

## Live Data

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