USN, issued by the Noon Protocol smart contracts under the governance of NOON tokenholders, is a U.S. dollar (USD) pegged stablecoin that maintains a 1:1 peg and is backed by reserve assets held with external custodians and brokers [S1][S2].

USN tracks the U.S. dollar (USD) and is backed 1:1 by Tether (USDT), USD Coin (USDC), or short-term U.S. Treasury Bills [S1]. USN itself is non-yield-bearing; holders forgo raw protocol returns and instead earn NOON governance-token rewards through a points program [S2][S3]. Returns from delta-neutral strategies are distributed 80% to staked sUSN holders, 10% to the Noon Insurance Fund, and 10% to the Noon Operations Fund [S2][S3].

USN is issued by the Noon Protocol rather than a single corporate entity, with reference only to the trade name Noon Capital and a Noon Foundation governing the ecosystem fund [S1][S4]. Minting and redeeming are permissioned, restricted to whitelisted institutions subject to AML and KYC or KYB checks, while other users obtain USN on secondary markets such as Uniswap, Curve, and Syncswap [S1]. Whitelisted institutions redeem USN 1:1 for USDC or USDT within five calendar days, with roughly 20% of total value locked accessible same-day and full liquidity at T+5 [S1][S2]. Reserve assets rest with web3 custodians or a licensed broker carrying redundant insurance coverage [S1][S2].

USN is deployed natively on Ethereum and is also available on ZKsync, Sophon, TAC, and Starknet, with cross-chain availability provided through Hyperlane interoperability using a Burn-Mint model [S1][S2]. Whitelisted institutions mint USN by depositing USDT or USDC and receive USN 1:1, with redemptions settled in USDC or USDT processed within T+5 [S1][S2].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { 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" },
    { id: "S4", url: "https://noon.capital/" },
  ]}
/>


# Outstanding supply Methodology

## Overview

Outstanding supply measures the circulating supply of stablecoins issued by a project. It excludes stablecoins that have been authorized but not issued, or that are held in the issuer’s treasury. It tends to serve as a proxy for the issuer’s revenue-generation capacity, as the collateral backing the outstanding supply is often invested in yield-bearing assets, such as U.S. Treasuries.

## Data sources

- Smart contract events capturing token issuance and redemption
- Token account balances and program instructions for non-EVM chains
- Token metadata for decimal precision and asset identification
- Token price feeds for USD conversion

## Common calculation approaches

### Event-based issuance tracking
For many stablecoin issuers, cumulative supply is determined by monitoring token issuance and redemption events. `Mint` and `Burn` events are extracted from the smart contracts of issuers such as Circle and Ethena to maintain a running total of net supply. Similar logic is applied to `Transfer` events involving the zero address for issuers like World Liberty Financial to identify changes in the circulating supply.

### Balance-based snapshot aggregation
Outstanding supply is also derived from daily snapshots of token holdings across various blockchains. On Solana, the total supply is aggregated from program instructions for issuers like Tether and Circle by summing the balances of all active token accounts. This method allows for the identification of circulating tokens while ensuring that assets held in known treasury or non-circulating addresses are excluded.

### Debt-based calculation with exclusions
For issuers with debt-based models, outstanding supply is calculated by identifying total minted debt and subtracting idle balances. For example, total debt is obtained from the `debt` function in `VAT` contracts for Sky, with assets held in bridge contracts or lending modules subsequently excluded to arrive at the net circulating amount.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

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

Circulating supply of stablecoins issued by the project.

Outstanding supply

Stablecoins

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 USN (USN) is a U.S. dollar stablecoin issued by Noon through Noon YBS Issuer Ltd.

Each token is redeemable one-for-one for U.S. dollars and is a direct claim on the issuer.

Reserves are held in accounts segregated from the issuer's own funds.

Custody of the reserves rests with Alpaca Securities and Fasanara.

Institutions can mint and redeem directly with Noon in USDC and USDT after completing KYC, and holders have a contractual right to redeem at par.

Noon YBS Issuer Ltd is incorporated in the British Virgin Islands.

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

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

Noon USNUSN