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Money2069

Neutrl (NUSD)

Synthetic Dollar·paused·Global

Neutrl issues NUSD, a synthetic dollar backed by crypto assets and hedged trading positions. The protocol earns yield from discounted token purchases and market-neutral trades. It opened to the public in November 2025 and reached over $200 million in supply. In August 2026 the team paused minting and redemptions while it reviews a problem in its reserves.

M69 Score
Methodology →
2.0
Minimally aligned
Monetary Sovereignty
2.4
Civilizational Durability
1.0
Universal Adoption
2.0
Rated today
M69 Verdict

Synthetic dollar with OTC-arbitrage backing that paused minting and redemptions in August 2026 over an undisclosed reserve issue, with supply down 76% from peak. A cautionary reference for the synthetic-dollar class.

M69 Score

M69 Alignment2.0
Minimally aligned
1.02.03.04.05.0
12345Iss Mod 3xStability 2xFia Ind & Int 2xTraction 2xSovereigntyGovernanceResilienceInclusivity
Monetary Sovereignty2.4
Issuance (3x) + Stability (2x) + Fiat Indep. (2x)
Civilizational Durability1.0
Sovereignty + Governance + Resilience
Universal Adoption2.0
Traction (2x) + Inclusivity
Iss Mod3x
3.0
Stability2x
2.0
Fia Ind & Int2x
2.0
Traction2x
2.0
Sovereignty
1.0
Governance
1.0
Resilience
1.0
Inclusivity
2.0

Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.

Detailed Rating Breakdown

Issuance Model3x
3.0

Minting is a permissionless 1:1 deposit of USDC, USDT, or USDe rather than a debt position, but supply links only to crypto collateral and trading positions, and both minting and redemption are paused as of August 2026.

Spending Power Stability2x
2.0

Targets the US dollar through market-neutral hedging with a NAV share price; reserves are opaque after an undisclosed impairment and the public track record is under a year.

Fiat Independence & Interoperability2x
2.0

The unit of account is the US dollar and the deposit assets are mostly fiat-backed stablecoins; OTC desks and custodians sit in the loop.

Traction2x
2.0

Public since November 2025, supply peaked above $220M in February 2026 and sits near $54M, down 76%, with about 615 holders; core functions suspended.

Sovereignty
1.0

The team paused minting, redemptions, and other functions unilaterally on legal advice; reserves sit with third-party custodians.

Governance
1.0

No community governance; a private team makes all decisions and has not disclosed the affected asset or counterparty.

Resilience
1.0

The first real stress event triggered a full protocol pause with no timeline for resumption; BA Labs flagged counterparty and liquidity risk in February 2026.

Inclusivity
2.0

Minting is open in principle, but redemption runs through approved counterparties and the product targets institutional portfolios.