Noon USN

Noon Capital's USN pairs a synthetic dollar with an active yield desk. Users mint it by depositing USDT or USDC, and the protocol says every token stays backed one-for-one by those stablecoins, short-term Treasury bills or cash held with custodians. Returns come from a basket that blends delta-neutral basis trades with T-bills, collateralized loan obligations and private credit funds; holders who want that yield stake USN for sUSN, a token that appreciates as roughly four-fifths of daily protocol earnings are minted into the staking contract. Direct minting and redemption run through approved, onboarded counterparties, so retail generally buys and sells USN on the secondary market rather than redeeming at the protocol. It is deployed on Ethereum alongside the ZKsync Era and Sophon networks. USN sits in the crowded field of yield-bearing synthetic dollars competing on how much of the strategy return reaches holders.