Everyone’s talking “clean stablecoin infra” here’s the part that actually checks out. USDN is @noble_xyz yield-bearing dollar, built on m0 so the collateral is verified by Validators before mint and the yield is just short-term U.S. Treasuries doing their thing. (M0 docs → Validators → Obligations (5.3)). Quick take from my read-through + sanity checks: ❯ How it works: USDN extends M0’s over-collateralized T-bill model; minters lock verified collateral, then programmatically route yield. (Noble Docs → USDN Overview; M0 press release, Mar 5, 2025). ❯ Why it’s useful: apps can plug USDN in as a native liquidity layer across IBC; fees on Noble are paid in USDC and IBC to/from Noble carries no fee, so moving dollars is low-friction. (USDC on Noble → FAQ). ❯ What’s “real yield” here: interest from T-bills, not points magic. (Noble USDN page: “collateralized by short-term U.S. Treasury Bills”). Compare, fast: wrapped stables = extra trust + fragmentation; USDN sits on native issuance rails and inherits IBC distribution. If you’re building pay/FX/credit flows, that matters. Dev note: abstract yield routing treat USDN yield as a first-class stream you can direct to users/treasuries/contracts (start with Noble Docs → USDN Overview for payout mechanics). Claim check: “simple, safe, useful” mostly holds design is transparent, collateralized, and the UX is aligned with stablecoin payments. I’m watching mint/redemption flows and vault mix as TVL scales. If you’re integrating, ping me curious to see day-to-day receipts with USDN in the loop.