Is Anzen V2 Safe?
Risk Grade: C+ (41/100)
Anzen V2 is rated as elevated risk — multiple novel mechanisms and notable interaction risks.
Anzen V2's USDz stablecoin carries elevated risk due to its prior depeg event, opaque private credit backing, and severely damaged token confidence. The concept of RWA-backed stablecoins is promising, but Anzen's execution has been problematic. Approach with caution — only for risk-tolerant investors who understand private credit.
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
$67M
Mechanisms
5
Interactions
5
Value Grade
D-
Key Risks for Anzen V2 Users
USDz already depegged to $0.82 in March 2025 — this isn't a theoretical risk, it has happened
The private credit backing is opaque; you can't easily verify what loans your money is backing
The ANZ governance token has lost 97% of its value since launch, signaling serious confidence issues
Top Risk Factors
- •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
Risk Score Breakdown
Anzen V2's highest risk area is Regulatory Risk (6/10). Here's how each dimension contributes to the overall 41/100 score:
Read the Full Anzen V2 Risk Report
This protocol has 2 collapse scenarios. 3 high-severity interaction risks identified. See the full mechanism classification, interaction matrix, and deep-dive recommendations.
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