STABLE OR GONE Stablecoin history, events, and sources
Stablecoin record

Neutrino USD

WAVES-backed algorithmic stablecoin from Neutrino Protocol. The archive records repeated depeg and recapitalization history and the later transition from USDN to Neutrino Index / XTN, which ended the original hard-USD stablecoin classification.

LifecycleRebranded
Events2
Sources4
Overview
SymbolUSDN
Asset classStablecoin
Reference targetFiat
Redemption / exit modelConversion
Valuation sourceHistorical Neutrino and XTN system
Yield / rebase profileNo recorded change · Accrual: No recorded change
Classification notesUSDN later transitioned to Neutrino Index and no longer represents a hard-USD stablecoin.
Lifecycle statusRebranded
Issuance statusTerminated
Peg referenceFiat · USD
Backing typesCrypto Collateral
StabilizationHybrid
GovernanceProtocol Governed
Primary organizationNeutrino Protocol
Primary roleProtocol Operator
Last reviewed2026-06-14
Organizations and roles
OrganizationRoleFromUntilRelationship status
Neutrino ProtocolProtocol Operator2019-11-22—Ended

All stablecoins

Compare this record with the rest of the archive.

Neutrino Protocol

Protocol Ecosystem · Unknown

Event history

2 events connected to this stablecoin.

Reserve profile
Disclosure statusHistorical Protocol Transparency
Backing typesCrypto Collateral
SummaryHistorical USDN supply was backed through WAVES held by Neutrino smart-contract mechanics, with later recapitalization systems including NSBT and SURF. This profile is historical because USDN transitioned to XTN.
As of2026-06-14
Profile confidenceMedium
Redemption profile
Current statusTerminated
Settlement assetHistorical WAVES contract mechanics or later XTN system
Eligible partiesHistorical USDN holders were subject to Neutrino smart-contract, recapitalization, liquidity, and later XTN transition mechanics.
Retail accessHistorical Protocol Based
Institutional accessHistorical Protocol Based
Minimum amountProtocol-parameter dependent.
FeeHistorical protocol spreads and transaction fees applied.
Settlement timeHistorical protocol- and liquidity-dependent.
Regional limits
Record coverage
SectionEntries
Organizations1
Sources4
Reserve reports0
Regulatory notes0
Deployments1
Issuer-control actions0
Open questions2
Events2
Event timeline
DateEventTypeDetail kindRecovered
—USDN transitions to Neutrino Index / XTNRebrand and Classification ChangeMigrationNo
2019-11-22USDN token issuance on WavesLaunchMigration—
Reserve and attestation history
DatePublisherTypeAssets coveredRecord confidence
No reserve reports have been added yet.
Regulatory and official notices
DateTitleAuthority / publisherTypeSummary
No regulatory notes have been added yet.
Blockchain deployments
ChainStandardDeploymentStatusFreezeBlacklistControl eventsContractNotes
Waves—Native HistoricalHistorical or RebrandedUnknownUnknown0Not yet verifiedHistorical USDN deployment on Waves. The final token identifier and current XTN relationship remain deliberately unfilled until chain-level verification.
Sources
SourcePublisherTypeEvidence scopeReliability
Neutrino Protocol FAQNeutrino ProtocolOfficial BlogUsdn Original Protocol and Waves Backing DesignHigh
What is SURF and why is it important for the Neutrino ecosystem?Neutrino ProtocolOfficial BlogUsdn Recapitalization and Backing Ratio ContextHigh
Why XTN is not actually burned?Neutrino ProtocolOfficial BlogUsdn Former Name Xtn Transition and Token IssuanceHigh
Neutrino Protocol current XTN pageNeutrino ProtocolProtocol PageCurrent Xtn Identity and Non Usdn Site ContextHigh
Open questions
TopicWhat remains unclearPriorityLast checked
Rebrand Effective DateThe exact effective date when USDN transitioned to Neutrino Index or XTN remains unresolved.High2026-06-14
Contract and Redemption StateThe present status of historical USDN contract mechanics and their relationship to XTN requires chain-level verification.High2026-06-14