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.

Neutrl, in collaboration with Accountable, has launched an independent Proof of Solvency Dashboard designed to provide verifiable transparency into the protocol’s reserves, exposures, and financial health. This dashboard enables third parties to confirm that Neutrl’s synthetic dollar, NUSD, and its staked counterpart, sNUSD, are fully collateralized at all times by verifiable assets.
The system functions as an open reference for users, partners, and researchers to assess Neutrl’s collateralization ratio, asset composition, delta neutrality, and allocation of reserves across both onchain and offchain venues. It also shows how the protocol’s reserves are distributed between yield strategies and portfolio composition.
To guarantee verifiability, the dashboard employs Merkle Sum Trees, Secure Enclaves, and Zero-Knowledge Proofs, creating a cryptographically verifiable and tamper-proof record of the Neutrl protocol’s financial state in real time.
Accountable provides the independent verification infrastructure that powers Neutrl’s real-time Proof of Solvency framework. Accountable is the leading provider of on-chain financial verification, currently verifying over one billion dollars in assets for top institutions and asset management firms. The platform enables verifiable, privacy-preserving proof of solvency without exposing sensitive operational data. Each proof is generated through a Merkle Sum Tree, which produces a cryptographic root hash representing the complete dataset of verified assets and liabilities. Any alteration to the underlying data invalidates the proof, ensuring absolute data integrity. Secure Enclaves provide a controlled and isolated execution environment where verification operations are securely performed. Zero-Knowledge Proofs allow for public verification of solvency and asset coverage without revealing detailed sensitive data or proprietary trading data.
Through this institutional-grade verification architecture, Neutrl’s transparency dashboard delivers cryptographically sound Proof of Solvency and accurate reserve reporting, providing users and partners with real time insights into the protocol’s health.
The transparency dashboard provides a real-time, verifiable view of Neutrl’s total reserves and liabilities, allowing anyone to confirm that every NUSD in circulation is fully collateralized at all times.
Displayed metrics on the Transparency Dashboard include the total supply of NUSD, representing the aggregate amount of tokens minted, and the collateralization ratio, which compares verified reserves to circulating supply to confirm that NUSD remains overcollateralized. The dashboard also reports verifiability, indicating the percentage of assets independently verified from custodians and smart contracts, and delta neutrality, which measures whether Neutrl’s overall position remains market-neutral. Finally, it displays total protocol reserves, representing the complete sum of verified assets across all data sources.
To protect the integrity of active positions and the protocol, individual OTC positions are not disclosed. However, the aggregate allocation to this strategy is transparently reported through the dashboard to maintain full visibility at all times.Currently, OTC arbitrage accounts for roughly ten percent of total reserves, with the remainder distributed across funding rate arbitrage strategies and liquid stablecoin holdings.
Over time, the dashboard will continue to evolve with additional verification layers, including independent third-party audits, custody attestations, reserve fund disclosures, and granular breakdowns of protocol exposure.
Neutrl’s yield is derived from a structured and fully collateralized blend of OTC arbitrage and delta-neutral trading strategies, supported by a strong base of liquid reserves. Each allocation is designed to generate sustainable yield while maintaining solvency and risk control.
The protocol’s OTC arbitrage strategy acquires discounted private-market assets through direct transactions and fully hedges all market exposure. These positions deliver predictable yield as the underlying tokens vest and profits are realized. OTC transactions currently account for approximately ten percent of total reserves and form the foundation of Neutrl’s yield engine.
The remaining reserves are held in liquid stable assets including USDC, USDT, USDS, and USDe. These assets ensure that Neutrl maintains redemption liquidity and operational flexibility at all times.
Neutrl’s transparency dashboard establishes a new benchmark for verifiable solvency and financial reporting for yield-bearing synthetic dollars. Through cryptographic proofs, independent verification, and continuous updates, users and partners can independently verify that every NUSD is fully collateralized at all times.
As the transparency dashboard continues to evolve, Neutrl will introduce additional transparency measures including third-party reserve audits, insurance attestations, and automated exposure reporting. These enhancements are designed to reinforce accountability and provide full assurance that all yield is generated through disciplined risk management and rigorous accounting standards.