Synthetic dollar with exclusive OTC access.
Neutrl's synthetic dollar delivers premium market-neutral yields by harnessing exclusive OTC market strategies.
By setting new standards in stability and transparency, Neutrl brings the next evolution in crypto-native yields, making private strategies accessible for everyone.
Core smart contracts and major upgrades are reviewed by independent security experts prior to deployment, with all updates undergoing external audits to uphold the highest security standards.
Onchain activity and integrations are continuously monitored using industry-leading advanced threat detection systems. Abnormal behavior is proactively identified and routed through clearly defined escalation paths to ensure rapid response and operational oversight.
Custody and settlement conducted through institutional-grade custodians, with operational keys and sensitive actions governed by policy-based approvals, strict access controls, and comprehensive audit trails aligned with institutional best practices.
Risk controls are designed to limit impact through predefined caps, automated guardrails, and clearly scoped emergency actions, all of which are intentional, auditable, and subject to formal oversight.
Security extends beyond code to operational practices. APIs, deployments, secrets, and access management are subject to regular reviews, independent assessments, and ongoing testing to ensure controls remain effective through industry-leading security researchers.
NUSD is an institutional-grade, DeFi composable synthetic dollar backed by delta-neutral strategies and other crypto assets.
Deposit or swap supported stablecoins for NUSD to enter the Neutrl system. Stay fully liquid while preparing to earn yield through staking.
Stake NUSD to mint sNUSD and activate liquid yield. Your balance begins accruing yield immediately while remaining withdrawable.
Neutrl allocates capital across market-neutral strategies like OTC hedging and basis trades. Returns accrue to sNUSD holders without directional market risk.
Discounted entries from secondary market acquisitions generate an immediate unrealized gain, while systematic hedging maintains a delta-neutral portfolio.
Yield is generated from funding rate differentials and price spreads, without exposing the portfolio to directional market volatility.
Yield is captured from price gaps between spot and futures markets, while offsetting positions keep exposure market-neutral.
sNUSD is the liquid staking version of NUSD, acting as a high yield bearing account. It remains fully transferable with a high degree of DeFi composability.
This protocol differs from other stablecoins, like Usual or Ethena, in that yield is derived primarily from OTC Locked Tokens, where the delta is fully hedged, and the remainder of the portfolio is deployed to Liquid Strategies to maintain sufficient liquidity buffer in times of capital stress.
NUSD maintains its peg through delta-neutral strategies, onchain transparency, and overcollateralization:
• Delta-Neutral Hedging: Derivatives and perpetual futures offset directional risk, keeping NUSD stable during market volatility.
• OTC Discounts: Discounted OTC asset purchases provide a safety margin, supporting the peg even in challenging conditions.
• Duration Matching: The protocol aligns asset and liability durations to ensure sufficient liquidity for redemptions.
• Liquid Reserves: Stablecoins (e.g., USDT, USDC, USDe) and liquid delta-neutral positions back NUSD, maintaining stability under stress.
NUSD is fully backed by a diversified portfolio of assets designed to provide security, transparency, and resilience.
Portfolio Composition - NUSD is backed by a mix of:
• OTC-acquired crypto assets: Purchased at significant discounts, providing a higher margin of safety.
• Stablecoins (e.g., USDT, USDC, USDe): Highly liquid and composable within DeFi and CeFi ecosystems.
• Delta-Neutral Positions: Liquid positions that generate yield while mitigating directional risk.
Transparency: All assets are confirmed using a combination of ZK-proofs, custodian attestations, and third party audits.
Risk Management Framework: The protocol employs a robust risk management framework that includes stress testing, margin monitoring, and proactive position adjustments to protect the backing assets and ensure their security.
If NUSD temporarily loses its peg, the protocol has several mechanisms in place to restore stability:
• Market Incentives: Arbitrage opportunities naturally arise when NUSD deviates from its peg, incentivizing traders and market makers to buy or sell NUSD and redeem against USDC 1:1 to bring its price back in line with its intended value.
• Delta Hedging Adjustments: The protocol adjusts its derivatives and perpetual futures positions to rebalance the collateral portfolio and stabilize NUSD's value.
• Reserve Deployment: Liquid reserves, including stablecoins and delta-neutral positions, can be rapidly deployed to support the peg and meet redemption demands.
• Proactive Adjustments to Backing: If market conditions are extreme, the protocol may temporarily scale down exposure to volatile assets or rebalance its portfolio to prioritize stability over yield. The combination of these measures ensures that NUSD can recover its peg efficiently, even during periods of high market volatility.
While the locked token strategy involves longer-term, illiquid investments, the protocol mitigates these risks through careful design, liquidity management, and diversification:
• OTC Discounts: Locked tokens are purchased at discounts, providing a safety margin even in adverse markets.
• Delta-Neutral Hedging: Market risk is reduced through hedging strategies, limiting exposure to price fluctuations.
• Diversified Portfolio: Locked tokens are balanced with liquid assets like stablecoins and delta-neutral positions, ensuring operational liquidity.
• Secondary Market Access: Partnerships with OTC brokers and secondary markets enable asset liquidation to generate additional liquidity.

Our vision: DeFi is broken and real yield is non-existent. Points-based token incentives have overinflated many DeFi projects, causing the majority to draw down over 80% in value over the last 12 months.
Ethena’s USDe was a massive success as it tokenized the basis trade for majors, unlocking the concept of a synthetic “dollar” backed by delta-neutral strategies.
Fundraise: On April 16, 2025, Neutrl closed a $5 million seed round led by STIX and Accomplice, with participation from Amber Group, SCB Limited, Figment Capital, and Nascent, as well as angel investors including Ethena founder Guy Young and derivatives trader Joshua Lim.
Neutrl’s basket of delta-neutral strategies enables a transparent, high-yield product onchain while remaining neutral to market volatility: $NUSD
Public access for $NUSD will be open soon!
We’re just getting started.
Read the full announcement here
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