---
title: "SMARDEX USDN (USDN) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usdn-smardex/"
description: "Build-time stablecoin profile for SMARDEX USDN (USDN). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# SMARDEX USDN (USDN)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

SMARDEX USDN is an Ethereum {{term:cdp}}CDP{{/term}} synthetic dollar backed by a wstETH-centered {{term:delta-neutral}}delta-neutral{{/term}} vault, unrelated to Noble USDN or Neutrino USDN. SMARDEX USDN is unrelated to Noble USDN and the old Neutrino USDN. It is an Ethereum synthetic dollar backed by the USDN vault and wstETH-centered {{term:delta-neutral}}delta-neutral{{/term}} mechanics, with rebasing yield and protocol-state {{term:redemption}}redemption{{/term}} constraints.

## 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.

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xde17a000ba631c5d7c2bd9fb692efea52d90dee2` | 18 |

## Live Data

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