What is Noble Dollar?
Backed by U.S. Treasury Bills
It starts with U.S. Treasury Bills
U.S. Treasury Bills are debt obligations of the U.S. government and pay a yield to holders based on the duration of the loan. U.S. Treasuries are considered among the safest financial instruments in the world.
Centrality of U.S. Treasuries
U.S. Treasuries are the lifeblood of financial markets, providing a high degree of liquidity for domestic and international institutions. They can be useful instrument in moving in and out of more volatile assets in financial markets.
Bringing U.S. Treasury Bills yield to blockchain
Leveraging the M^0 Protocol, holders of Noble Dollar receive on-chain yield daily, which is linked to short duration U.S. Treasury Bills. All yield accrues automatically and programmatically.
Designed for Flexibility
Maximally Interoperable
Noble Dollar's interoperability rollout will deliver seamless access for any connected application and provide users with automatic delivery of on-chain yield.
Fully Collateralized
Over 100% Backed
Under M^0's structure, Noble Dollar is backed by more U.S. Treasury Bill principal value than the amount of Noble Dollar outstanding, effectively overcollateralizing Noble Dollar.
Bankruptcy-Remote Safeguards
Segregation Protection
The Treasury Bills backing Noble Dollar are held in bankruptcy-remote SPVs, ensuring they remain secure and separate from operational risks.
Coming Q2 2025
Yield Across the Interchain
Earn yield where you need it. By Q2 2025, USDN will enable yield on your preferred chain, keeping everything where you need it.
M^0
The technology behind USDN
Noble Dollar leverages the M^0 Protocol, where U.S. Treasury holdings are verified and transparently indicated.
Noble Ecosystem
Applications connected to Noble employ Noble Dollar as a liqudity engine.
Earners
Earners share value from T-bill interest across the M^0 ecosystem.
Minters
Minters lock verified collateral to create stable, asset-backed tokens.
M^0 Validators
Validators verify collateral and ensure every token is fully backed.
See what backs your dollar
Transparent and verifiable
Transparency isn't a feature, it's the foundation USDN is built on. Here's how we provide full visibility into the assets and processes behind USDN.
Current U.S. Treasury Bill positions
As of March 5 2025The assets backing Noble Dollar are held within the M^0 Protocol as U.S. Treasury Bills. This enables you to check, at any time, the real-world assets behind Noble Dollar.
See all analyticsCollateral: average remaining term vs yield to maturity
The M^0 Protocol provides consistent performance as U.S. Treasury Bills approach the maturity date, which is highlighted by the relationship between the average remaining term and the average yield to maturity over time.