bnUSD: a stablecoin backed by crypto
A decentralised cryptocurrency tied to 1 USD that you can use wrapper-free on 13 blockchains.
Leverage your holdings.
Use bnUSD with the money market to act on your bull or bear thesis, and withdraw the instant you need it.
Borrow without any surprises.
Take advantage of bnUSD’s fixed 2% borrow rate, so the only thing you need to manage is your risk.
Transact with confidence.
Enjoy bnUSD’s stability and versatility for payments and trades across a wide range of blockchain ecosystems.
What is the
Balanced Dollar?
The Balanced Dollar (bnUSD) is a stablecoin, which means it’s pegged to the price of 1 US Dollar. It uses crypto to guarantee its value — not an algorithm — and the total supply cannot exceed the value of collateral that backs it.
bnUSD price
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Total bnUSD
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Total backing
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Available on
Arbitrum
Avalanche
Base
BNB Chain
Ethereum
Hyperliquid
Injective
Optimism
Polygon
Solana
Sonic
Stellar
Sui
Supported collateral types
AVAX
BNB
BTCB
cbBTC
ETH
HYPE
INJ
POL
S
SODA
SOL
SUI
tBTC
USDC
USDT
WBTC
WETH
weETH
wstETH
XLM
How bnUSD
maintains its value.
The Balanced Dollar is backed by volatile cryptoassets, so how does Balanced guarantee its value?
Loans are liquidated when bnUSD is worth more than 80% of the collateral that backs it, and the Stability Fund can stabilise short-term price fluctuations.
Loan liquidations
If you borrow bnUSD from the money market, your loan cannot be worth more than 80% of your collateral. If you go beyond this threshold (a liquidation risk of 100% in the app), the assets you supplied will be partially liquidated to reduce your debt to a safe level.
Stability Fund
The Stability Fund works behind the scenes with SODAX Intents to swap USDC and USDT 1:1 for bnUSD.
When the Stability Fund receives USDC or USDT, it holds them as collateral and mints bnUSD. When returned, the bnUSD gets burned and the stablecoins released. If bnUSD is not worth $1, SODAX uses the Stability Fund for arbitrage to stabilise the price.
If bnUSD is above $1
SODAX uses USDC and USDT to mint bnUSD 1:1, which it sells at a premium and repeats until no longer profitable.
If bnUSD is below $1
SODAX buys bnUSD at a discount, then swaps it 1:1 for USDC and USDT and repeats until no longer profitable.
What can you do with bnUSD?
Leverage and borrow
through the money market.
Use bnUSD with the money market to take a position on your bull or bear thesis. Not financial advice.
- Bearish: Supply bnUSD, then borrow crypto at a variable interest rate. Sell it for stablecoins and pay it back when it’s cheaper.
- Bullish: Borrow bnUSD against other assets for a fixed 2% rate. Use it to buy more crypto, and repay when it’s time to lock in the gains.
- Uncertain: If USDC’s supply interest is above 2%, borrow bnUSD against it and trade it for more USDC. Repeat the loop to arbitrage the interest.
There’s a 0.1% borrow fee, and your debt will increase over time. If your strategy includes volatile assets, make sure to keep a close eye on your risk.
Trade and send across chains.
Swap between bnUSD and a growing range of assets, and use it as a stable currency for payments. You can even transfer it across 13 blockchains at a 1:1 rate.
Use the Balanced Dollar stablecoin.
Leverage, borrow, and trade bnUSD across 13 blockchains on Balanced.