Convert USDC and nUSD

Nest's Peg Stability Module, or PSM, converts between USDC and nUSD.

USDC → nUSD
nUSD → USDC

This flow is separate from borrowing. Converting USDC into nUSD does not open a loan, and converting nUSD into USDC does not repay an existing collateralized debt position.

Convert USDC into nUSD

Choose Purchase nUSD in the app, enter a USDC amount, review the quote, and approve the transaction. The conversion is limited by the protocol's current PSM capacity.

Redeem nUSD for USDC

Choose the reverse direction, enter the nUSD amount, and review the USDC output. Redemptions depend on available PSM liquidity, protocol risk controls, and the rolling outflow circuit breaker.

Why a conversion can be unavailable

A transaction may be blocked when:

• the protocol or one conversion direction is paused;
• a PSM cap has been reached;
• immediately available USDC is insufficient;
• the rolling outflow limit is active; or
• the wallet balance changed before the transaction executed.

The app simulates the transaction before asking the wallet to submit it. Never approve a transaction whose token amounts or accounts do not match the quote you reviewed.