How It Works

This section documents the Nerona stablecoin stack: how USDnr is minted, how sUSDnr generates yield, and how redemptions flow. Wealth management app flows (cards, onramp, private deals) are documented separately under The Wealth Management App.

The stack in one page

         ┌────────────────────────────────────────────┐
         │              User / Client                 │
         └──────────────┬─────────────────────────────┘
                        │
           (1) Deposit USDC at app.nerona.xyz
                        │
                        ▼
         ┌────────────────────────────────────────────┐
         │     USDnr  —  T-Bill-backed stablecoin     │
         │     Issued via M0 Protocol                 │
         │     Native on Fluent + Ethereum mainnet    │
         └──────────────┬─────────────────────────────┘
                        │
           (2) Stake USDnr to earn yield
                        │
                        ▼
         ┌────────────────────────────────────────────┐
         │     sUSDnr  —  Yield-bearing variant       │
         │     Upshift ERC-4626 vault on Fluent       │
         │     Strategies bridged to EVM chains       │
         └────────────────────────────────────────────┘

USDnr in one paragraph

USDnr is backed 1:1 by wrapped M (wM) — M0's T-Bill-backed token. Users mint USDnr by depositing USDC at app.nerona.xyz. Minting is permissionless and there is no KYC at the protocol level. USDnr is native on Fluent mainnet and Ethereum mainnet; there is no bridging or multi-chain fragmentation between the two. Redemption back to USDC happens through the wM/USDC Uniswap V3 pool on Ethereum.

sUSDnr in one paragraph

sUSDnr is the yield-bearing staked form of USDnr. It's an ERC-4626 receipt token issued by an Upshift vault on Fluent mainnet. Deposited USDnr is routed into a curated basket of DeFi strategies — lending markets, liquidity provisioning, and PT/YT positions across protocols like Pendle, Aave, Euler, and Morpho — with capital bridged out to the relevant EVM chain for execution. sUSDnr yield is real, organic, non-levered, and reflected directly in the vault's exchange rate. Redemption is via a 4-day unwind period, or immediately with a 1% fee.

What Nerona does not do

Three things worth being explicit about:

  • We do not custody user funds. USDnr sits in your wallet. sUSDnr sits in your wallet. The Upshift vault is non-custodial by construction.
  • We do not lend our own capital. Anywhere you see "lending" or "credit" on Nerona, the capital comes from third-party onchain venues.
  • We cannot unilaterally move strategy funds. See Risk Management for why this matters and how it's enforced.

Supported chains

InstrumentFluent mainnetEthereum mainnet
USDnr✓✓
sUSDnr✓—
wM/USDC redemption pool—✓

More chains will be added based on client demand and custody support.

Detailed flows