Noon USN (USN) stablecoin analytics
Answer First
What is Noon USN (USN)?
USN is Noon's base dollar, minted 1:1 from USDC/USDT or short-term T-bills while yield accrues through separate sUSN. The static profile records its US Dollar peg mechanism as: Permissioned institutional mint and redeem path for USN; raw reserve returns accrue to sUSN holders rather than base USN holders.
Is USN safe?
USN holds a B- Safety Score grade (67/100) in Pharos's latest published rating — a safe-tier grade, so Pharos assesses it as overall safe, though no stablecoin is entirely risk-free. Static metadata says Noon USN uses a CeFi-Dependent governance model and Real-World Asset Backed backing, with Real-Time PoR from Accountable; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Static Profile
Static stablecoin profile
Noon USN (USN) static profile: governance model CeFi-Dependent; backing model Real-World Asset Backed; peg US Dollar.
AI summary / Updated Sep 7, 2026
Noon's USN is the base dollar in a yield machine that would prefer you notice the par wrapper before the credit stack. The Accountable real-time feed Pharos reads puts most reserves in Fasanara private credit, with a material Treasury-bill sleeve and smaller CLO, HYPE funding-rate arbitrage, and Morpho and Euler lending positions behind it, and backing is the weakest of the three pillars on the card. Base USN does not itself accrue the yield; that job belongs to sUSN, while USN holders still rely on the same...
AI summary · drafted by claude-fable-5-1 · facts as of Sep 7, 2026
- Collateral
- USN is minted 1:1 against USDT, USDC, or short-term U.S. Treasury bills, but the deposited assets are redeployed: the reviewed reserve composition is ~71% Fasanara FTAC private credit, ~10% DeFi lending, ~8% U.S. Treasury bills, and ~5% Janus Henderson JAAA CLOs, with the remainder unmapped. No USDT or USDC cash balance is present in the reviewed composition.
- Peg Mechanism
- Permissioned institutional mint and redeem path for USN; raw reserve returns accrue to sUSN holders rather than base USN holders.
- Jurisdiction
- British Virgin Islands
- Proof Of Reserves
- Real-Time PoR by Accountable Reserve source
Next Actions
Exact bot target: /subscribe dews,depeg,safety usn-noon
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.
USN quick answers
What is Noon USN (USN)?
USN is Noon's base dollar, minted 1:1 from USDC/USDT or short-term T-bills while yield accrues through separate sUSN. The static profile records its US Dollar peg mechanism as: Permissioned institutional mint and redeem path for USN; raw reserve returns accrue to sUSN holders rather than base USN holders.
Is USN safe?
USN holds a B- Safety Score grade (67/100) in Pharos's latest published rating — a safe-tier grade, so Pharos assesses it as overall safe, though no stablecoin is entirely risk-free. Static metadata says Noon USN uses a CeFi-Dependent governance model and Real-World Asset Backed backing, with Real-Time PoR from Accountable; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs USN?
Pharos classifies USN backing as Real-World Asset Backed. Collateral, per the static profile: USN is minted 1:1 against USDT, USDC, or short-term U.S. Treasury bills, but the deposited assets are redeployed: the reviewed reserve composition is ~71% Fasanara FTAC private credit, ~10% DeFi lending, ~8% U.S. Treasury bills, and ~5%... Reserve evidence: Real-Time PoR from Accountable.
Can USN be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for USN, when applicable, appear in the dossier below.
