nUSD
What nUSD is, how it is created, and how it differs from debt and snUSD.
nUSD is Nest's dollar-denominated token on Solana. It can be created by borrowing against supported collateral or by converting USDC through Nest.
Two ways to get nUSD
Borrow it
Deposit a supported asset, then mint nUSD against its value. This creates a debt position. You keep your exposure to the collateral, but you must repay the nUSD debt and its accrued stability fee to fully close the position.
Convert USDC
Convert USDC into nUSD through the Peg Stability Module. This is a conversion, not a loan, so it does not create debt or require collateral.
nUSD is not snUSD
nUSD is the dollar token used for borrowing, repayment, conversion, rewards, and staking deposits. snUSD is a share in the nUSD staking pool. Its nUSD redemption value can change over time.
Where to verify supply and backing
The Nest stats page shows indexed protocol reserves, collateral, debt, nUSD supply, backing, liquidity, and market risk. Statistics are informational snapshots and may lag the latest on-chain slot.