USN maintains a 1:1 backing with USDT, USDC, or short-term U.S. Treasury Bills held in custodial wallets, with minting and redemption restricted to permissioned institutional users via the Noon dApp (subject to limits in beta), while general users acquire or exit USN through DEX pools like Uniswap or Curve. Holding USN provides access to rewards in the governance token $NOON but no direct yield from protocol returns.

sUSN is a yield-bearing token obtained by staking USN in the dApp or purchasing via DEX pools.