On March 5 2025, we launched Noble Dollar ($USDN), a stablecoin backed by U.S. treasuries, in partnership with M0. Alongside this, we launched a points program consisting of two vault products. This gave the community an opportunity to either 1) forgo the short-term treasury rate (currently est. at ~4.2%) in exchange for points or, 2) earn boosted yield on their USDN while forgoing points. Based on this program, we learned the following:

• ~90%+ of depositors opted for points 

• Those that opted into boosted yield did so with larger average deposit sizes relative to the points vault (avg. of ~$3k for points versus ~$30k for boosted yield)

• The USDN points campaign resulted in significant demand by DeFi applications looking to integrate safe and reliable yield-bearing stablecoins into their platforms   

Noble’s mission is simple: Provide the world with reliable and scalable purpose-built stablecoin infrastructure that supports a wide variety of use cases within crypto, DeFi and beyond. In service of this, we subsequently launched composable yield, allowing applications connected to Noble to leverage USDN’s yield properties in a programmatic fashion that is best suited for the particular use case. 

At the same time, we’ve gotten a lot of questions about next steps for Noble: will points convert to tokens? What is the plan for a Noble token? Will there be a season two of the points program? In light of this, we wanted to share some important developments on what’s next for USDN and the Noble project as a whole. 

First, we are excited to officially announce that points will be converted to token allocations. Soon, users can begin claiming their points allocation by visiting points.noble.xyz/claim. Stay tuned for updates here! 

Importantly, existing points holder allocations will not be affected by future seasons of the Noble points program. Season 1 was about bootstrapping significant liquidity for USDN and being able to offer reliable and consistent yield opportunities. This bootstrapping effort was in preparation for the issuance of USDN across more applications – the launch of composable yield – and we’ve seen the early innings of this with USDN on Osmosis, Sunrise, and Neutron, with more to come. 

We value the early community that has generated incredible excitement and buzz around USDN. To that end, existing points holders will have a fixed token allocation, which will not be affected by future points campaigns.  

Second, the next season for USDN marks an important development. Starting today (August 5th), the community will have an opportunity to deposit USDN into a Points Vault in anticipation of USDN integrations across more chains, trading venues and DeFi applications. The first integration target for USDN is Hyperliquid. 

Starting August 5 2025, USDN holders from Season 1 have the option to remain in the existing points vault and begin earning points as part of the Season 2 campaign. This points vault will transition into a managed vault with active strategies deploying USDN across various trading venues. The initial goal for this vault is to bootstrap USDN on Hyperliquid, starting with lending products across the HyperEVM ecosystem, targeting HypurrFi, Hyperbeat and Hyperlend, with more venues and applications to come. 

If Season 1 depositors decide to keep their USDN in the points vault starting August 5 2025, and up until the launch of the Hyperliquid integration, these depositors will earn Season 2 points at a 2x multiple.

Importantly, with every new integration strategy launched, starting with Hyperliquid, USDN holders in the vault will have the opportunity to accrue points under a managed vault strategy. Every holder of USDN will have the opportunity to recognize upside in the Noble project, as we expand across more applications and marketplaces throughout crypto, and beyond. 

Third, we are building vault products that will allow users to stake their USDN in high-yield generating vaults, with the goal of seeing rates competitive with that of our boosted yield vault. 

High yield vaults will be part of the upcoming Noble flagship application that will live on the Noble AppLayer. These vaults will leverage high-performance lending mechanisms to provide competitive yield opportunities for the community. We are launching this application alongside the AppLayer in the coming months - once live, Noble will have a fully functioning, scalable and high performance execution environment on which to launch all of the exciting DeFi applications we’ve been dreaming about. 

Last but not least, $NOBLE token rollout: Season 1 points holders are allocated a fixed 5% of the token supply. Season 2 points holders will receive a fixed token allocation of 2%, which has the potential to grow based on USDN TVL issuance targets between now and token launch. Stay tuned for more information regarding tokenomics and $NOBLE token launch plans in the coming weeks.

For USDN holders and Noble supporters, this is just the beginning for USDN growth cross-chain and the adoption of the upcoming Noble AppLayer. We are bringing reliable and interoperable stablecoin infrastructure to DeFi, crypto and beyond!