How Does Anzen V2 Work?
Anzen V2 is a real-world asset (RWA) protocol that issues USDz, a stablecoin backed by private credit — essentially loans to businesses. You can stake USDz to earn yield from these loan payments. It operates on Base and several other chains.
TVL
$8M
Sector
RWA
Risk Grade
C
Value Grade
D-
Core Mechanisms
Stablecoin/RWA-Backed
NovelUSDz: stablecoin backed by overcollateralized real-world private credit assets
USDz is always backed by $1+ of on-chain RWA collateral composed of institutional-grade asset-backed private credit securities. Unlike USDC/USDT, the backing is not cash but illiquid credit instruments.
Yield/RWA-Credit
sUSDz: staked USDz earning yield from private credit portfolio returns
Staking USDz into sUSDz earns yield from the underlying private credit portfolio. Yield is dependent on credit performance and repayment schedules.
Governance/Token
ANZ governance token on Base chain with z-points incentive system
ANZ token launched at $60M FDV. Z-points system incentivizes protocol participation. Token has experienced severe decline (97% from ATH).
Cross-Chain/Bridge
Multi-chain USDz deployment across Base, Ethereum, Arbitrum, Manta, Blast
USDz is available on multiple chains with plans for further expansion to Movement, Berachain, Plume, Monad, etc.
RWA/Off-Chain-Portfolio
NovelDiversified portfolio of institutional-grade asset-backed private credit securities
The backing portfolio consists of private credit — a relatively illiquid asset class. The degree of overcollateralization and portfolio composition details are not fully transparent on-chain.
How the Pieces Interact
Private credit assets cannot be quickly liquidated to defend the peg. When sell pressure exceeds available liquidity, USDz trades below $1 as seen in the March 2025 depeg to $0.82.
Deploying USDz across 5+ chains fragments available liquidity pools. Thin markets on any single chain amplify depeg events, as arbitrageurs cannot efficiently restore the peg across all venues.
ANZ token's 97% decline from ATH signals severe loss of market confidence. This undermines the z-points incentive system and may trigger a reflexive TVL decline.
If private credit yields underperform competing DeFi yields (e.g., Aave, Ethena), rational capital exits USDz, further thinning liquidity and worsening peg stability.
If defaults in the private credit portfolio erode overcollateralization below 100%, USDz becomes undercollateralized, threatening the stablecoin's fundamental backing.
What Could Go Wrong
- USDz depegged to $0.82 in March 2025, revealing fragile secondary market liquidity for the RWA-backed stablecoin
- Private credit backing is opaque — investors cannot independently verify or value the underlying asset-backed securities
- ANZ token has lost 97% from its all-time high, indicating severely impaired market confidence
Private Credit Default Cascade
ModerateTrigger: Multiple defaults in the private credit portfolio erode overcollateralization below 100%, revealing USDz is undercollateralized
- 1.Credit defaults in the backing portfolio exceed recovery expectations — Overcollateralization ratio drops, approaching or breaching 1:1
- 2.On-chain monitoring or audits reveal declining collateral value — Market confidence drops, USDz begins trading at discount on secondary markets
- 3.Holders rush to redeem USDz before further losses — Illiquid credit portfolio cannot be sold quickly; redemptions are delayed or halted
- 4.USDz depeg deepens as remaining holders dump at any price — Repeat of March 2025 depeg but potentially worse if undercollateralization is confirmed
Risk Profile at a Glance
Overall: C (43/100)
Lower score = safer