NUSD, issued by Caverna Auctus Inc., is a crypto-native synthetic dollar stablecoin that the issuer explicitly distinguishes from regulated fiat-backed stablecoins and that tracks the U.S. dollar (USD) on a 1:1 basis [S1][S2].

Each NUSD token references one U.S. dollar (USD) and is fully backed by a diversified portfolio of OTC-acquired crypto assets purchased at a discount and delta-hedged, liquid stablecoin reserves including USDT, USDC and USDe, and delta-neutral positions [S3][S2]. Holding unstaked NUSD earns no yield; holders must stake into sNUSD, an ERC-4626 value-accruing vault whose shares appreciate as protocol yield is distributed, rather than rebasing [S4][S5].

The Neutrl services are operated by Zero Delta Foundation, Caverna Auctus Inc. and affiliates, with Caverna Auctus Inc. as the sole issuer of NUSD [S1]. The issuer presents NUSD as a synthetic dollar and states that NUSD is not the same as a fiat stablecoin, with no regulatory classification asserted and communications disclaimed as not constituting investment, legal, or tax advice [S6][S2]. Minting is permissionless; redemption to backing assets is restricted to whitelisted KYB/KYC-approved counterparties at a 1:1 USD value [S7][S2][S6b]. Backing assets are held in off-exchange, segregated, monitored custody accounts such as Copper ClearLoop [S5].

NUSD is an ERC-20 token issued natively on Ethereum, with sNUSD an ERC-4626 vault token, both made available on Plasma and Arbitrum via LayerZero [S8][S4]. Minting deposits USDC, USDT, or USDe valued by onchain oracles; redemption is instant when liquidity permits or queued to a 48-hour target [S7][S6][S6b]. Solvency is attested by Accountable using zero-knowledge proofs [S9].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.neutrl.finance/general-risk-disclosures" },
    { id: "S2", url: "https://docs.neutrl.finance/protocol-design/nusd" },
    { id: "S3", url: "https://docs.neutrl.finance/resources-and-ecosystem/faq" },
    { id: "S4", url: "https://docs.neutrl.finance/protocol-mechanics/staked-nusd" },
    { id: "S5", url: "https://docs.neutrl.finance/" },
    { id: "S6", url: "https://docs.neutrl.finance/protocol-design/peg-mechanism" },
    { id: "S7", url: "https://docs.neutrl.finance/protocol-mechanics/minting" },
    { id: "S8", url: "https://docs.neutrl.finance/resources-and-ecosystem/addresses" },
    { id: "S9", url: "https://docs.neutrl.finance/protocol-design/transparency" },
  ]}
/>


# Asset redemptions methodology

## 1. Overview

The total value of tokenized assets that are burned or returned to issuer-controlled addresses in exchange for offchain collateral assets is measured by the asset redemptions metric. User demand to exit asset positions and reclaim backing collateral is reflected by this metric. Daily redemption volumes are aggregated across all supported blockchains and converted to USD using end-of-day price feeds. A comprehensive view of capital outflows from tokenized assets is provided by this metric.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token burn instructions and balance changes
- **Non-EVM chain events**: Native token burn events, transaction net flows, and asset pallet events covering Algorand, Cardano, Injective, Near, Polkadot Asset Hub, Ripple, Stacks, Stellar, and Sui
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract raw redemption and burn events

- **Purpose**: Token destruction or return to issuer custody across all supported blockchains is identified.
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the recipient is the zero address or the dead address. On Solana, SPL token `Burn` instructions are parsed. On Algorand, token transfers to non-circulating configuration addresses (such as creator or reserve addresses) are extracted. On Cardano, negative token deltas are derived from transaction outputs and inputs. On Injective, token transfers with a burn event type are selected. On Near, token burn events are extracted. On Polkadot Asset Hub, `Burned` events from the assets pallet are parsed. On Ripple, transaction net flows that result in issuer inflows are identified. On Stacks, token transfers where the recipient address is null are parsed. On Stellar, SEP-41 `sep41_burn` events are extracted. On Sui, negative deltas are derived from total supply changes of treasury control objects.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (raw quantity)

### Component B: Apply premint corrections

- **Purpose**: Raw burn volumes are adjusted to exclude non-circulating token movements and include circulation exits.
- **Logic**: For supported assets, raw burn volumes are adjusted by subtracting preburns and adding premint redemptions. Preburns, which represent tokens burned directly from issuer-controlled premint addresses without ever entering circulation, are subtracted from the total. Premint redemptions, which represent transfers from circulating addresses back into premint addresses, are added to the total as they represent assets exiting active circulation.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (corrected quantity)

### Component C: Normalization and USD conversion

- **Purpose**: Token quantities are normalized by decimal precision and converted to USD.
- **Logic**: Daily token-denominated redemption amounts are aggregated by timestamp, chain, and token address. These amounts are normalized by decimal precision retrieved from token metadata. The normalized redemption amounts are then multiplied by end-of-day price feeds sourced from market data providers to calculate the final USD-denominated redemption value. If no redemptions occur on a given day, the daily value is filled with zero values.
- **Key fields**: `timestamp` (day), `chain_id` (blockchain identifier), `token_address` (asset contract address), `amount` (normalized token quantity), `price_usd` (asset price), `value` (USD-denominated redemption value)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of assets redeemed or burned for underlying collateral.

Asset redemptions

Stablecoins

The protocol operates through a three-step process where users deposit stablecoins for NUSD, stake NUSD to mint yield-bearing sNUSD, and commit protocol assets for enhanced returns. Neutrl maintains stability through delta-neutral hedging using derivatives and perpetual futures, OTC asset purchases at discounts, overcollateralization, and transparent on-chain proof systems including ZK-proofs and third-party audits.

The protocol creates NUSD, an institutional-grade synthetic dollar backed by delta-neutral strategies and OTC crypto assets, along with sNUSD, a liquid staking version that generates enhanced yields. Neutrl focuses on delivering stable, transferable, yield-generating assets by harnessing exclusive OTC market strategies and maintaining full DeFi composability.

Neutrl is a DeFi protocol that develops crypto-native yield products built around synthetic stablecoins backed by market-neutral strategies.

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Stablecoin issuers

Neutrl

Neutrl USD (NUSD) is a U.S. dollar stablecoin issued by Neutrl through CAVERNA AUCTUS INC.

Each token is redeemable one-for-one for U.S. dollars and is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Reserves are held in crypto assets and other assets, in accounts segregated from the issuer's own funds.

Retail investors and institutions can mint and redeem directly with Neutrl in USDC, USDT, and USDe after completing KYC, and holders have a contractual right to redeem at par.

CAVERNA AUCTUS INC. is incorporated in Panama.

Holder terms are governed by the law of Panama.

NUSD has been issued on Ethereum as an ERC-20 token since October 2025.

Neutrl USDNUSD