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



# Nerona USD (USDnr)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

Nerona's USDnr is a $50M M0-wrapper stablecoin held by exactly five wallets, with permissioned KYC-gated {{term:redemption}}redemption{{/term}} -- the T-bill carry accrues to Nerona, not holders. Nerona USD is a $50M M0-wrapper stablecoin issued by a private-wealth-management startup that has so far convinced exactly five wallets to hold it -- a holder count more befitting a family office than a stablecoin. The token is structurally a thin wrapper over M0's $M (collateralised by Superstate's USTB {{term:treasury}}Treasury{{/term}} fund and minted by MXON), and despite Nerona's marketing copy promising capital that 'works while you don't', USDnr itself is non-yield-bearing: the T-bill carry accrues to the M0 reserve and Nerona, not to holders. Governance is single-entity, redemption is permissioned and KYC-gated, and the wrapper inherits every M0-layer risk -- minter insolvency, M0 governance deactivation, and the small matter of being unregulated. Mind the symbol: this is USDnr (Nerona, on Ethereum), not USDN (Noble's M0-wrapper on Cosmos) -- sloppy press copy and screenshots conflate the two, but they share nothing beyond the M0 plumbing underneath. A private bank for the onchain era, with a circulating-supply-to-holders ratio that rounds to $10M per client.

## Collateral

Backed 1:1 by $M (M0 Protocol's tokenized short-term U.S. Treasury bill exposure, sourced from the M0 Minter MXON). USDnr is a permissioned wrapper minted by Nerona Labs against $M held in M0-managed reserves, with a Stability Reserve buffer maintained on top of circulating supply

## Peg Mechanism

Permissioned 1:1 wrapper around M0's $M token: USDnr is minted by Nerona Labs by depositing/wrapping $M (sourced from MXON, the legal Minter on the M0 network) and burned 1:1 against $M on redemption. T-bill yield earned by the underlying $M accrues to the M0 reserve and Nerona — USDnr holders receive no rebase or NAV growth. The yield-bearing variant sUSDnr (Upshift ERC-4626 vault) routes that yield to stakers. Mint/redeem is gated to permissioned, KYC-onboarded clients of Nerona's private wealth platform

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xd48e565561416de59da1050ed70b8d75e8ef28f9` | 6 |
| fluent | `0xd48e565561416de59da1050ed70b8d75e8ef28f9` | 6 |

## Live Data

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