About

Neutrl offers a synthetic stablecoin called NUSD, designed to maintain a stable value through market-neutral strategies. It uses a diversified portfolio combining discounted OTC crypto assets, stablecoins, and delta-neutral hedging positions to reduce directional risk and maintain liquidity. The protocol balances longer-term locked tokens with liquid assets to ensure redemption capability. It relies on on-chain transparency, overcollateralization, and risk management mechanisms like stress testing and margin monitoring. Mechanisms such as arbitrage incentives and portfolio adjustments help recover the peg if NUSD deviates.

History

Neutrl was founded in early 2025 by Behrin Naidoo and was designed to maintain a stable value through market-neutral strategies. In April 2025, Neutrl raised $5M in seed funding led by digital asset private marketplace STIX and venture firm Accomplice. Additional investors include Amber Group, SCB Limited, Figment Capital and Nascent alongside a range of crypto angel investors including Ethena founder Guy Young and derivatives trader Joshua Lim of Arbelos Markets, recently acquired by FalconX.

In July, the team partnered with Ethena to enhance capital efficiency, strengthen treasury resilience, and align with the continued growth of crypto-native stablecoin infrastructure.

By September 2025, Neutrl introduced the "Neutrl Origin Program" and Neutrl Points. Points earned through the Origin Program are used to track participation across core activities, and reward users of the Neutrl platform.

In November 2025, following the completion of a $75M Pre‑Deposit Vault campaign, Neutrl opened to the public, allowing all participants to access its market‑neutral strategies through NUSD.