Nerite USND (USND) stablecoin analytics
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USND
Nerite's USND earns a B+ safety grade at 77 — the highest of any stablecoin under $5 million in market cap — with A+ in both decentralization and dependency risk, powered by immutable contracts on Arbitrum (a Stage 1 L2) accepting tBTC (86.5%), rETH, WETH, and wstETH as collateral. The A+ peg score at 87 and 82-rated backstop with permissionless collateral redemption validate the Liquity V2-style architecture, though the 172 depeg events and zero DEX liquidity reveal a product that is structurally sound but too small for secondary market trading. Separate Stability Pools per collateral type and user-set interest rates are sophisticated engineering that would serve a larger protocol well, deployed here on a product with barely $1.3 million in circulation. USND demonstrates that immutable governance, clean collateral, and a proven chain can produce an excellent safety profile even at micro-cap scale — the question is whether anyone will notice.
Detailed stablecoin analytics coming soon...
