sUSN, issued by the Noon Protocol smart contracts under the governance of NOON tokenholders, is a tokenized staked stablecoin that represents staked USN appreciating in value as delta-neutral strategy returns accrue to the staking pool [S1][S2][S3].

Holders receive economic exposure to a basket of delta-neutral strategies deployed on deposited collateral, including funding-rate arbitrage, short-term U.S. Treasury Bills, collateralized loan obligations via Janus Henderson's JAAA ETF, private credit via Fasanara's Tactical Credit (FTAC) fund, and DeFi lending and PT-token strategies [S2][S3]. Of raw protocol returns, 80% accrue to sUSN holders, 10% to the Noon Insurance Fund, and 10% to the Noon Operations Fund; sUSN appreciates as additional USN is minted into the staking pool [S2][S3].

sUSN is issued by the Noon Protocol smart contracts rather than a single named corporate entity, and the holder's claim is a staked, appreciating representation fully backed by USN, itself backed 1:1 by USDT, USDC, or short-term U.S. Treasury Bills [S1][S2][S3]. Primary minting and redemption are permissioned and gated by AML, KYC, and KYB whitelisting, currently limited to institutions [S1]. Whitelisted institutions redeem 1:1 for USDC or USDT within five calendar days (T+5), with approximately 20% of total value available same-day; non-whitelisted holders exit only on DEXs [S1][S2]. Underlying assets rest with web3 custodians or a licensed broker carrying redundant insurance, and a Noon Insurance Fund addresses incidents [S1][S2][S3].

USN deploys on Ethereum, ZKsync, Sophon, TAC, and Starknet, with Ethereum as the native chain and other networks served via Hyperlane interoperability; sUSN locks in the Ethereum collateral contract while synthetic versions mint elsewhere under a Lock-Mint model [S1][S2]. sUSN valuation equals total USN in the staking pool divided by total sUSN in circulation [S1][S2][S3].

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    { id: "S1", url: "https://docs.noon.capital/noon-the-basics/how-it-works" },
    { id: "S2", url: "https://docs.noon.capital/llms-full.txt" },
    { id: "S3", url: "https://docs.noon.capital/built-for-high-yields/our-stablecoin-usn-and-susn/return-generation" },
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Tokenized funds

Users deposit USDT or USDC to mint USN, a USD-pegged stablecoin. USN can be staked into sUSN, which accrues yield as the protocol algorithmically rotates collateral across delta-neutral strategies including funding rate arbitrage, tokenized US Treasury bills, CLOs, private credit, DeFi lending, and Pendle principal tokens. 80% of returns flow to sUSN holders, with 10% each to insurance and operations funds. Reserves are independently verified in real time via ZK-verified proof of solvency through Accountable.

Noon is a stablecoin issuer and yield protocol built on Ethereum, ZKsync Era, and Sophon. It issues USN, a USD-pegged stablecoin, and sUSN, a yield-bearing staked variant that generates returns by rotating collateral across multiple delta-neutral strategies. Noon was founded by Arpan Gautam and launched in 2025.

Noon Capital is a self-funded digital asset firm with no VC or external investor funding, reserving 65-80% of its NOON governance token for community distribution. The protocol was founded by Arpan Gautam, a former McKinsey consultant and Wharton MBA who previously served as CFO of Dexterity Capital.

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Stablecoin issuers

Noon

Noon Staked USN (sUSN) is a tokenized fund share issued by Noon through Noon Holdco Ltd.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in U.S. multi-asset, keeps its assets in accounts segregated from the issuer's own funds, and charges a 0% annual management fee.

Its assets sit with Alpaca Securities and Ceffu, with Accountable as auditor.

Retail investors can mint and redeem directly with Noon in USN after completing KYC, and holders have a right to redeem at net asset value with two-to-five-business-day settlement.

Noon Holdco Ltd. is incorporated in the British Virgin Islands.

Holder terms are governed by the law of the British Virgin Islands.

sUSN has been issued on public blockchains since November 2024 and is native to Ethereum and Starknet, with a bridged version on one more network.

Noon Staked USNsUSN

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