NaraUSD

NaraUSD is a synthetic dollar backed by a portfolio of liquid reserves and short-duration payment-financing positions. It is not a fiat-reserve stablecoin: its value depends on that portfolio performing, on redemption liquidity, and on the controls around both. It is redeemable for a dollar, freely transferable, and to plug into any venue that accepts an ERC-20. On its own it earns nothing; yield accrues only to NaraUSD+.

Minting

Minting is available to Authorized Users: addresses that have completed KYC/KYB with Nara and are screened on-chain at the point of minting. An Authorized User deposits an eligible stablecoin (supported assets) and receives NaraUSD 1:1. Per-block mint limits are enforced in the contract. Anyone else can acquire NaraUSD on supported secondary venues at market price. See Eligibility and onboarding.

Redeeming

Authorized Users redeem NaraUSD for an eligible stablecoin at 1:1. The contract burns the NaraUSD and transfers the designated liquid asset.

Case	What happens	Timing
Request fits the liquid buffer	Processed immediately	Instant
Request exceeds the buffer	Queued on-chain; served in order as the buffer refills from position roll-off and new deposits	Targeted within 7 days; under sustained pressure, up to about 90 days set by the longest position terms

The queue is public chain state: requests, order and fulfilments are on-chain events. A queued request can be cancelled before fulfilment.

What backs it

The liquid buffer is held in stablecoins and on-chain savings products (currently Sky's sUSDS) so that it earns while it waits. The credit portfolio is listed position by position on the Portfolio page. The protocol backing ratio (total assets ÷ supply) is on the dashboard.

Where it sits in a loss

NaraUSD is senior to NaraUSD+. A portfolio loss is absorbed first by the Insurance Fund, then by the full value of NaraUSD+, and only then by NaraUSD. NaraUSD remains exposed to stablecoin, liquidity, custody, smart-contract, legal and operational risk, which no waterfall addresses. See Risks.

Secondary price

NaraUSD can trade above or below a dollar on a DEX. Primary redemption at 1:1 for Authorized Users anchors the price; secondary depth is not guaranteed by Nara.