sNUSD, issued by Caverna Auctus Inc., is a tokenized yield-bearing vault interest that represents a proportional claim on a staking vault whose shares accrue value from Neutrl's market-neutral crypto strategies [S1][S2][S3].

sNUSD provides economic exposure to the yield generated by Neutrl's synthetic dollar NUSD, sourced from over-the-counter crypto assets purchased at discounts and delta-hedged, funding-rate inefficiencies, and delta-neutral positions [S3][S4]. Yield is collected by a YieldDistributor, converted to NUSD, and distributed to the sNUSD vault, so vault shares appreciate in value on a total-return basis rather than rebasing [S2]. Holders bear only the protocol-internal yield distribution mechanics described by the issuer [S2].

sNUSD is issued by Caverna Auctus Inc., identified as the sole issuer of NUSD, with Neutrl services operated alongside Zero Delta Foundation and affiliates [S1]. The issuer presents NUSD as a crypto-native synthetic dollar and states that "NUSD is not the same as a fiat stablecoin" [S4]. The claim is a proportional ERC-4626 vault interest, not a fund, security, or trust interest [S2][S4]. Minting is permissionless on a 1:1 dollar-value basis, while redemption to backing assets is restricted to whitelisted KYC and KYB-approved counterparties [S5][S4][S6b]. Backing assets use off-exchange, segregated, monitored custody such as Copper ClearLoop [S7].

sNUSD is an ERC-4626-compliant vault token and ERC-20, natively issued onchain on Ethereum and made available cross-chain on Plasma and Arbitrum via LayerZero adapters [S8][S2]. Users mint by depositing USDC, USDT, or USDe valued via onchain price oracles [S5][S4]; redemption is instant or queued to a 48-hour target [S6b][S6]. Real-time proof-of-reserves uses zero-knowledge attestations via Accountable [S7][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-mechanics/staked-nusd" },
    { id: "S3", url: "https://docs.neutrl.finance/resources-and-ecosystem/faq" },
    { id: "S4", url: "https://docs.neutrl.finance/protocol-design/nusd" },
    { id: "S5", url: "https://docs.neutrl.finance/protocol-mechanics/minting" },
    { id: "S6", url: "https://docs.neutrl.finance/protocol-design/peg-mechanism" },
    { id: "S7", url: "https://docs.neutrl.finance/" },
    { id: "S8", url: "https://docs.neutrl.finance/resources-and-ecosystem/addresses" },
    { id: "S9", url: "https://docs.neutrl.finance/protocol-design/transparency" },
  ]}
/>


Tokenized funds

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 sNUSD (sNUSD) is a tokenized fund share issued by Neutrl through CAVERNA AUCTUS INC. and managed by CAVERNA AUCTUS INC.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in multi-asset, and locks up subscriptions for 0 months.

Its assets sit with Fireblocks and Ceffu.

Retail investors and institutions can subscribe and redeem in NUSD, and holders have a right to redeem at net asset value with instant settlement.

CAVERNA AUCTUS INC. is incorporated in Panama.

Holder terms are governed by the law of Panama.

sNUSD has been issued on Ethereum as an ERC-4626 token since October 2025.

Neutrl sNUSDsNUSD

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