Anzen V2

Anzen V2 receives a C+ risk grade (41/100) from Hindenrank, where lower scores indicate lower risk. 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.

The key risks identified for Anzen V2 are: (1) USDz already depegged to $0.82 in March 2025 — this isn't a theoretical risk, it has happened (2) The private credit backing is opaque; you can't easily verify what loans your money is backing (3) The ANZ governance token has lost 97% of its value since launch, signaling serious confidence issues

Anzen V2 scores 41/100 across eight risk dimensions: Mechanism Novelty: 6/15, Interaction Severity: 10/20, Oracle Surface: 4/10, Documentation Gaps: 3/10, Track Record: 5/15, Scale Exposure: 3/10, Regulatory Risk: 6/10, Vitality Risk: 4/10. The highest risk area is Regulatory Risk at 6/10.

Among 72 rated RWA protocols on Hindenrank, Anzen V2 ranks #46 by safety (lowest risk score = safest). Its 41/100 risk score and C+ grade place it in the middle tier of RWA protocols.

Anzen V2 scores 5/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.