Phase 1 - USDe Backing

In order to bootstrap and accelerate our launch,'s NUSD is backed 1:1 by Ethena's USDe in phase 1. This is held as Staked USDe (sUSDe) in our multi-sig backing address:


Price of 1 sUSDe = $1.079

Enabling this bootstrap allows us to immediately start growing TVL in an organic way. Phase 1 reliance on Ethena will be temporary as we further build out the infrastructure to execute our delta-neutral hedging program.

The protocol in phase 1 is already generating revenue, approximately $600 per day, or $219,176 per year. [Update 20/06/2024: Protocol is generating ~$2000 per day in revenue]

First is First

Since the inception of Ordinals on Bitcoin the idea for a stablecoin has been regularly shared. Several teams have attempted to create one but the only functioning ones we have seen are built on BTC L2s. wanted to get the Nakamoto Dollar circulating on L1 as soon as possible. So we decided to bootstrap in this way.

BRC20-5byte vs Runes

The initial choice to start $NUSD on BRC20-5byte was because the upgrade was specifically intended for stablecoin projects. Tickers could be deployed without a max supply and issuance was only possible from the holder of the deployer inscription.

On Runes there is no option for an infinite supply ticker where the deployer can control the issuance. So it was decided to etch the NUSD•NUSD•NUSD•NUSD Rune with a supply of 2.1 quadrillion, matching the number of satoshis of Bitcoin.

We are keeping updated on other Bitcoin L1 protocols and will assess whether to deploy NUSD on other protocols.

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