Neutrl USD

Neutrl USD (NUSD) is a synthetic stablecoin designed to maintain a value of one US dollar while generating yield for its holders through market-neutral strategies. It targets both institutional participants and individual users who want exposure to dollar-denominated returns without taking directional bets on crypto prices. The project claims to address the challenge of earning sustainable onchain yield by combining OTC arbitrage, funding-rate capture, and similar strategies that do not depend on markets moving in any particular direction.

NUSD lives within the Ethereum ecosystem and is described as fully collateralized, meaning each token is backed by assets intended to cover its face value. The protocol generates returns by deploying that collateral into market-neutral positions — capturing the spread between spot and futures prices and collecting funding payments — rather than through block production or a traditional consensus mechanism. The token itself represents a claim on this collateralized pool, and its circulating supply at the point of measurement stood at 53,390,061 tokens against a stablecoin-specific circulating figure of 42,106,127.

The data provided does not include an explicit fee revenue figure or a breakdown of who pays fees into the protocol and who receives them, so fee-based measures that this site might ordinarily report are not applicable here. The protocol's economic model is described as yield-generating — meaning returns flow from trading strategies rather than from user transaction fees — but the specific split between what the protocol retains and what reaches token holders is not captured in the stored metrics. Over the 30-day period measured, the stablecoin circulating supply fell by 21.13 percent, which reflects changes in the pool of capital the strategies operate on.