Neutrl generalizes and extends the synthetic-dollar model beyond the now-standard basis-trade wrapper. By combining discounted locked-token purchases, systematic hedging via perps, diversified basis and funding strategies, and yield-bearing stablecoins, it seeks to create a synthetic dollar whose yield is rooted in structural inefficiencies in both private and public crypto markets. Its architecture separates stability and yield through NUSD and sNUSD, applies conservative valuation standards to illiquid positions, and relies on duration matching and dynamic allocation to maintain solvency and user trust. In doing so, Neutrl tackles several of the major challenges facing yield-bearing stablecoins today: yield compression from crowded trades, fragility in the face of funding-rate reversals, opacity around backing, and the misalignment between short-term liquidity demands and long-dated asset exposures. The protocol’s reliance on the evolving OTC market for locked tokens and on funding spreads in derivatives markets means that its performance will be sensitive to macro-cycle dynamics, competition, and the continued presence of counterparties willing to sell at discounts. Its success will hinge on execution quality, risk discipline, and the ability to maintain conservative practices as capital scales.