Neutrl USD

Rather than park cash in a bank, Neutrl USD chases yield the way a hedge fund does. Issued by Caverna Auctus under the Neutrl brand, this synthetic dollar is minted one-for-one against stablecoins like USDC and USDe, then backed by discounted OTC purchases of locked altcoins paired with offsetting short positions in perpetual futures. That delta-neutral construction is meant to hold the token near a dollar while the underlying trades capture funding and basis spreads, and holders who stake into sNUSD collect that yield. It is not fiat in a vault, so the peg depends on the hedges staying balanced rather than on a redeemable reserve. Redemption at par runs through the issuer and approved counterparties rather than open retail withdrawal, leaving ordinary holders to exit on the secondary market. The design borrows openly from Ethena, targeting the large market in vesting-token deals.