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



# Nerite USND (USND)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** Decentralized (DeFi)

**Status:** frozen

## Overview

Nerite's USND was a Liquity-V2 fork {{term:cdp}}CDP{{/term}} dollar on Arbitrum, built on immutable contracts with permissionless collateral {{term:redemption}}redemption{{/term}} and, for a while, one of the cleanest decentralization-and-dependency profiles a nine-figure stablecoin could ask for. That profile is now academic: USND is frozen and carries an F across the board, the grade an archived asset earns once there is nothing left to score. The cause was structural rather than monetary — one approved collateral branch leaned on rsETH, and when the rsETH hack impaired it, immutable code meant Nerite could not patch the market away or rewrite the risk controls. Supply collapsed from a ~$2.7M peak to under $100K, and with the exit door that thin the {{term:cdp}}CDP{{/term}}-style {{term:overcollateralization}}overcollateralization{{/term}} and {{term:liquidation}}liquidation{{/term}} machinery had no scale left to defend. The remaining quiet — DEWS still sits at the calm end of the stress scale — is the silence of an empty room, not a healthy peg. USND was the answer to a question very few people were asking: whether you can build a truly decentralized, immutable stablecoin that scores well on every metric except the one that requires other people to care, and the answer turned out to be that immutability inherits its collateral's mortality.

## Collateral

tBTC, WETH, wstETH, rETH, rsETH, weETH, ARB, and COMP in immutable overcollateralized CDP markets on Arbitrum

## Peg Mechanism

Overcollateralized CDP with user-set interest rates and direct on-chain redemption for underlying collateral; separate Stability Pools absorb liquidations per collateral market

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| arbitrum | `0x4ecf61a6c2fab8a047ceb3b3b263b401763e9d49` | 18 |

## Live Data

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