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About Nova USD
Nova USD (USDN) is a stablecoin issued by Coconut Financial Holdings Ltd., designed to maintain a peg to the US dollar. According to the project, each USDN is backed 1:1 by AED-denominated reserves held in segregated accounts. The project also states that it will publish monthly CPA reserve attestation reports. USDN is minted against fiat funds received from KYB-verified distributors and burned upon redemption, according to the project.
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