Noon USN
USN
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Noon USN is a yield-bearing, USD-pegged stablecoin issued by Noon Capital across Ethereum and zkSync, utilizing delta-neutral yield strategies backed by USDT/USDC deposits. Active development is moderate (5.5/10), evidenced by a Q1 2025 public beta launch, a live points program, and roadmap documentation, though transparent public code repositories and reserve attestations remain absent. Tokenomics (6.5/10) features an elastic 38.3M circulating supply and staking into sUSN, though centralization risks exist due to issuer-controlled collateral management and low market liquidity. Market and use case (5.0/10) faces intense competition from dominant market-neutral stablecoin issuers alongside thin trading volume ($4K-$24K daily). Team and governance (3.5/10) and community support (2.0/10) represent notable vulnerabilities due to an anonymous founding team, centralized protocol control, and a minimal holder base (~499 addresses). Security and audit history (5.0/10) notes no protocol exploits (clarifying that an unrelated $7.9M hack of P2P platform NoOnes does not pertain to this asset), but suffers from an absence of published third-party smart contract audits. The calculated weighted average across all six complete sections is 4.7/10.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Noon USN (USN)
USN (Noon USN) is a yield-bearing, USD-pegged stablecoin issued by Noon Capital. Deployed across Ethereum and ZKsync (with expanding availability on networks such as Sophon), USN is minted against deposits of collateral assets, primarily USDT and USDC. The protocol generates yield through delta-neutral and market-neutral trading strategies. Users can stake USN to receive sUSN, an interest-bearing receipt asset that accrues protocol-generated returns alongside eligibility for the protocol's governance token, NOON.
The protocol initiated a public beta in January 2025, accompanied by a points incentive system and planned governance distribution. As an asset operating in the yield-bearing stablecoin sector, USN maintains an elastic circulating supply backed by issuer-managed collateral. Stakers and liquidity providers participate in protocol incentives, though daily trading volumes and decentralized liquidity remain low, with active holder distribution concentrated among a limited number of addresses.
Several operational and transparency risks have been identified regarding the protocol. The founding team behind Noon Capital remains anonymous, and protocol governance operates under centralized control without an active, transparent decentralized autonomous organization (DAO). Additionally, third-party smart contract audit reports, public code repositories, and independent reserve attestations have not been publicly verified for the token contracts. Tracking data in community evaluations also recorded a depeg event reaching $0.8324 on June 17, 2026, alongside market data inconsistencies.