SMARDEX USDN (USDN) stablecoin analytics
Answer First
What is SMARDEX USDN (USDN)?
USDN is SMARDEX's wstETH-backed synthetic dollar, held near $1 by protocol long-side mechanics targeting delta-neutral exposure on a two-step oracle flow. The static profile records its US Dollar peg mechanism as: Users mint USDN by depositing supported underlying assets into the USDN vault and redeem by burning USDN for the corresponding underlying asset value. Mint and redemption flows can be temporarily restricted by protocol imbalance and use a...
Is USDN safe?
Pharos does not assess USDN as safe: it holds a D Safety Score grade (42/100) in the latest published rating, which flags significant structural risk. Static metadata says SMARDEX USDN uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that no direct freeze-control signal is recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Static Profile
Static stablecoin profile
SMARDEX USDN (USDN) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.
AI summary / Updated Sep 7, 2026
SMARDEX USDN is an Ethereum synthetic dollar built around a wstETH-backed vault and delta-neutral protocol mechanics, unrelated to Noble's USDN despite the shared ticker. Users mint and redeem through the vault, but the process can be throttled by protocol imbalance and a two-step oracle validation flow, so the peg mechanism is more state machine than cashier window. The token also rebases, which turns yield into a protocol accounting event rather than a separate savings wrapper. The N/A overall grade turns on...
AI summary · drafted by claude-fable-5-1 · facts as of Sep 7, 2026
- Collateral
- Synthetic dollar backed by the SMARDEX USDN vault, initially using wstETH as the underlying asset and protocol long-side mechanics to target delta-neutral exposure
- Peg Mechanism
- Users mint USDN by depositing supported underlying assets into the USDN vault and redeem by burning USDN for the corresponding underlying asset value. Mint and redemption flows can be temporarily restricted by protocol imbalance and use a two-step oracle validation flow.
- Jurisdiction
- Not disclosed in the static profile.
- Proof Of Reserves
- No proof-of-reserves entry in the static profile.
- Contracts
- 1 deployment tracked across Ethereum.
Next Actions
Exact bot target: /subscribe dews,depeg,safety usdn-smardex
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.
USDN quick answers
What is SMARDEX USDN (USDN)?
USDN is SMARDEX's wstETH-backed synthetic dollar, held near $1 by protocol long-side mechanics targeting delta-neutral exposure on a two-step oracle flow. The static profile records its US Dollar peg mechanism as: Users mint USDN by depositing supported underlying assets into the USDN vault and redeem by burning USDN for the corresponding underlying asset value. Mint and redemption flows can be temporarily restricted by protocol imbalance and use a...
Is USDN safe?
Pharos does not assess USDN as safe: it holds a D Safety Score grade (42/100) in the latest published rating, which flags significant structural risk. Static metadata says SMARDEX USDN uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that no direct freeze-control signal is recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs USDN?
Pharos classifies USDN backing as Crypto-Collateralized. Collateral, per the static profile: Synthetic dollar backed by the SMARDEX USDN vault, initially using wstETH as the underlying asset and protocol long-side mechanics to target delta-neutral exposure Reserve evidence: live reserve feed configured.
Can USDN be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, no direct freeze-control signal is recorded. Live freeze and blacklist events for USDN, when applicable, appear in the dossier below.
