Neutrl (NUSD): US Dollar Stablecoin Based on TRON

What is Neutrl (NUSD)

Friends, imagine if there was a way to participate in the volatile world of cryptocurrency while earning relatively stable returns, much like saving money in a bank. Neutrl (NUSD) is such a project, offering a “synthetic dollar” NUSD, aiming to let you enjoy the fun of decentralized finance (DeFi) while earning market-neutral stable yields.

Simply put, NUSD is a digital currency whose value is designed to remain stable against the US dollar, similar to the stablecoins we’re familiar with. But it’s not just stable—it also uses clever strategies to help users earn returns without taking on market ups and downs risk.

Its target users are mainly those looking for stable, high-yield opportunities in the crypto market. The typical process is: you deposit mainstream stablecoins (such as USDC, USDT, or USDe) into the Neutrl platform, then mint NUSD at a 1:1 ratio. Next, you can choose to stake these NUSD to receive sNUSD, thereby starting to earn yields.

Project Vision and Value Proposition

Neutrl’s vision is to redefine market-neutral returns, making institutional-grade investment strategies accessible to the masses, thereby unlocking untapped yield opportunities in OTC and altcoin markets. It’s like bringing the “secret weapons” once reserved for professional investors to ordinary users.

The core problem it aims to solve is how to provide a solution in the crypto market that generates high yields while avoiding directional market risk (i.e., not worrying about price rises or falls). Traditional DeFi protocols may offer high returns but also come with significant market risk. Neutrl’s value proposition is that it uses complex OTC arbitrage and delta-neutral trading strategies to provide “asymmetric returns”—meaning considerable returns with relatively low risk.

Compared to similar projects, Neutrl’s differentiator is its focus on exclusive OTC market strategies and institutional-grade delta-neutral hedging technology. Imagine it as a professional investment team tailoring a low-risk portfolio for you, and all you need to do is deposit stablecoins to participate.

Technical Features

Neutrl’s core technical features lie in its “synthetic dollar” NUSD design and the yield generation mechanism behind it.

Synthetic Dollar and Collateral Mechanism

NUSD is a synthetic dollar, meaning its value is pegged to the US dollar through complex financial engineering, rather than being directly backed by an equivalent dollar reserve. Its stability is maintained through “delta-neutral strategies, on-chain transparency, and over-collateralization.” It’s like a precise balancing system, ensuring NUSD’s value always stays close to $1.

NUSD’s backing assets are a diversified portfolio, including:

• Crypto assets acquired OTC:
  These assets are purchased at a discount, providing the protocol with a higher margin of safety.
• Mainstream stablecoins:
  Such as USDT, USDC, and USDe—these highly liquid stablecoins are important in both DeFi and CeFi ecosystems.
• Delta-neutral positions:
  These are liquidity positions that generate returns while hedging directional market risk.

Yield Generation Strategies

The Neutrl protocol generates yields through the following strategies:

• OTC arbitrage:
  Low-risk arbitrage by exploiting price differences between markets.
• Funding rate arbitrage:
  Earning returns by utilizing funding rate differences in perpetual contract markets.
• DeFi-native market-neutral strategies:
  Designing various yield strategies that do not depend on market direction, leveraging the characteristics of decentralized finance.

These strategies work together to provide users with “market-neutral” returns, meaning that theoretically, you can earn yields whether the market goes up or down.

Transparency and Auditing

To ensure the safety and trust of user funds, Neutrl emphasizes the transparency of its assets. All assets backing NUSD are verified through a combination of “zero-knowledge proofs (ZK-proofs), custodian attestations, and third-party audits.” It’s like having an independent accounting team regularly checking the books and using advanced technology to ensure everything is open and transparent.

Neutrl’s documentation also mentions protocol mechanisms such as smart contract architecture, indicating its underlying technology is built on smart contracts.

Tokenomics

There are two main tokens in the Neutrl project: NUSD and sNUSD.

Token Basic Information

• Token symbols:
  NUSD (synthetic dollar) and sNUSD (staked NUSD)
• Issuing chain:
  Although the specific chain is not clearly stated in the current information, as a DeFi project, it typically runs on Ethereum or other EVM-compatible blockchains.
• Issuance mechanism:
  Users mint NUSD at a 1:1 ratio by depositing other stablecoins (such as USDC, USDT, USDe).
• Current circulation:
  According to recent data, NUSD supply is about 208.36 million, valued at approximately $208.31 million; sNUSD supply is about 96.52 million, valued at approximately $98.25 million.

Token Utility

• NUSD:
  As the main synthetic dollar in the Neutrl ecosystem, it is designed as a stable medium of exchange, store of value, and unit of account. Users can mint NUSD and then stake it to earn yields.
• sNUSD:
  This is the token received after staking NUSD, representing your share of protocol yields. The value of sNUSD grows as protocol yields accumulate. Staking NUSD to receive sNUSD is like depositing money into a high-yield account and receiving a deposit certificate whose value increases as interest accrues.

Yield and Distribution

The Neutrl protocol generates income through its yield strategies (OTC arbitrage, funding rate arbitrage, etc.), which is distributed to sNUSD holders. Recent data shows a 7-day average annualized yield (APY) of about 13.10%. Additionally, the protocol incentivizes users through the “Neutrl Origin Program,” which rewards users who hold NUSD, stake sNUSD, lock assets, or provide liquidity via a points system.

Team, Governance, and Funding

Team

Currently, public information does not list detailed core members of the Neutrl project. In the blockchain space, some projects choose anonymous teams or do not disclose all member information in early stages.

Governance Mechanism

Current information does not clearly mention a specific decentralized governance mechanism for Neutrl (such as DAO voting). In DeFi, many projects eventually transition to community governance, allowing token holders to participate in decision-making.

Treasury and Funding

Before its official launch, Neutrl received funding support through a “$75 million pre-deposit campaign.” This indicates the project secured substantial funds in its early phase for protocol development and operations. The protocol’s income mix also includes yield-bearing stablecoins to ensure redemption needs and stability under market stress.

Roadmap

The Neutrl project’s roadmap can be glimpsed from its recent releases and future plans:

Historical Milestones

• November 10, 2025:
  Neutrl officially launched its public DeFi protocol, marking the project’s official debut.
• November 10, 22025:
  Launched the “Neutrl Origin Program,” a points-based incentive system to reward early participants and long-term supporters.
• As of now:
  Since launch, Neutrl’s total value locked (TVL) has reached $123 million.

Future Plans

• TVL target:
  The project plans to increase total value locked (TVL) to $2 billion.
• Ecosystem expansion:
  Further expand NUSD and sNUSD to become core yield primitives in the DeFi space. This means NUSD and sNUSD will not only be used within the Neutrl platform but will also be deeply integrated and interoperable with other DeFi protocols.

Common Risk Reminders

Every blockchain project comes with risks, and Neutrl (NUSD) is no exception. It’s crucial to understand these potential risks before participating:

• Technical and Security Risks:
  • Smart contract risk:
    Even if the project is audited, smart contracts may still have undiscovered vulnerabilities that could lead to fund loss.
  • Protocol design risk:
    Complex delta-neutral strategies and OTC mechanisms may have design flaws and may not perform as expected under extreme market conditions.
  • Oracle risk:
    If the protocol relies on external oracles for price data, oracle attacks or failures could cause NUSD to depeg.
• Economic Risks:
  • Depeg risk:
    Although NUSD aims to stay pegged to the dollar, extreme market volatility or strategy failure could still cause temporary or prolonged depegging.
  • Yield volatility:
    While the goal is high yield, actual returns may fluctuate due to market conditions, strategy performance, and competition.
  • Liquidity risk:
    In some cases, liquidity for NUSD or its backing assets may be insufficient, making it difficult for users to redeem or trade in a timely manner.
  • Counterparty risk:
    OTC transactions may involve specific counterparty risks.
• Compliance and Operational Risks:
  • Regulatory risk:
    The global regulatory environment for stablecoins and DeFi is constantly evolving, and future policies may impact project operations.
  • Operational risk:
    The team’s execution ability, marketing, and community building may all affect the project’s long-term development.

Neutrl’s documentation also explicitly mentions “funding risk, liquidity risk, counterparty risk, trading risk, stablecoin risk, and margin risk.” Although the project claims to be prepared for these risks, users must still assess and bear them themselves.

Verification Checklist

After learning about a project, it’s necessary to conduct some basic verification:

• Block explorer contract address:
  NUSD’s contract address is
  0xE556...1BCE
  . You can check this address on Ethereum (or other relevant chains) block explorers to view token minting, burning, transfer records, and total supply information.
• GitHub activity:
  Neutrl has an organization called
  Neutrl-lab
  on GitHub, which includes repositories such as
  DefiLlama-Adapters
  ,
  gitbook
  , and
  curve-assets
  . Checking the commit history and code update frequency of these repositories can give a preliminary sense of the project’s development activity.
• Audit reports:
  Look for whether the project has published smart contract audit reports from reputable third-party organizations. Audit reports can assess contract security but cannot guarantee 100% vulnerability-free code.
• Community activity:
  Follow the project’s official social media (such as Twitter, Discord, Telegram) and forums to gauge the level of community discussion, team responsiveness, and user feedback.

Project Summary

Neutrl (NUSD) is an emerging project in the decentralized finance (DeFi) space, aiming to provide users with market-neutral high-yield opportunities through its unique “synthetic dollar” NUSD. The project’s core value lies in leveraging institutional-grade OTC arbitrage and delta-neutral strategies, allowing ordinary users to earn stable crypto yields without taking on directional market risk. NUSD’s value is maintained through a diversified asset portfolio and transparent mechanisms, with yields distributed to users via staking sNUSD.

The project officially launched in November 2025 and has already received tens of millions of dollars in pre-deposit support, demonstrating its initial market appeal. However, like all emerging blockchain projects, Neutrl faces technical, economic, and compliance risks. While the team strives to address these challenges through transparency and risk management, potential participants must conduct thorough due diligence and understand the inherent risks.

Please note, the above information is an objective introduction to the Neutrl (NUSD) project and does not constitute investment advice. The cryptocurrency market is highly volatile and risky—please make decisions cautiously according to your own risk tolerance.