# Introduction The Pioneer RWA Protocol {% hint style="info" %} Anzen's USDz is not the same as a fiat stablecoin like USDC or USDT. Instead, USDz is a dollar backed by tokenized Real World Assets (RWA). USDz users can earn sustainable RWA yields and diversify their portfolio away from the price fluctuations and volatility of unbacked crypto tokens. This means that the risks implicated by interacting with USDz are inherently different. {% endhint %} Anzen is a decentralized platform providing access to USDz, which is a digital token backed by a diversified portfolio of private credit assets. Anzen carefully secures these cash-flowing assets alongside qualified KYC-compliant investors through rigorous underwriting. These assets are typically associated with reliable revenue streams and are expected to maintain their value even during periods of cryptocurrency market volatility. By staking USDz tokens to obtain sUSDz, DeFi users have the chance to earn sustainable rewards and diversify their portfolios. This allows USDz holders to shield themselves from the price fluctuations and volatility of unbacked crypto tokens. Sustainable, exogenous yield coming into DeFi is a multi-trillion-dollar opportunity. Join us on the path to $1B TVL, supported by real-world assets. Anzen is built by a team of credit investment experts with over a decade of joint lending experience. Since 2018, the team has been researching mechanisms to bring credit assets on-chain. Follow us to stay updated. {% hint style="info" %} \ X： Telegram： Website： Dapp： Partnerships： [Anzen Partnerships Form](https://airtable.com/appehiyECG8SylNhs/shrgGQ1MVoOLw3DFc) {% endhint %} # Links | Name | Link | | ------------ | ----------------------------------------------------------------------------------- | | X | | | Telegram | | | Discord | | | Website | | | Dapp | | | Partnerships | [Anzen Partnerships Form](https://airtable.com/appehiyECG8SylNhs/shrgGQ1MVoOLw3DFc) | | Dune | | | DefiLlama | | | Coingecko | | | Debank | | | RWA.xyz | | # RWA Partner For underwriting and custody, Anzen has selected a licensed and well-established partner, **Percent.** With a historical track record of over $1 Billion in private credit deals, Percent is led by an executive team with industry experience at institutions such as Blackrock, UBS, Goldman Sachs, and JP Morgan. Anzen maintains an exclusive partnership with Percent to source and structure high-quality private credit opportunities. Percent offers the only capital market solution that applies public market efficiencies to the traditional private debt market. They created a marketplace, established data standards, set market standards, and closed the loop to support a three-sided market.

Percent's Private Credit Transparency

Over the last seven years, Percent has conducted 1.6 billion in transaction volume, with a 16% annual percentage yield (APY) and a 2% default rate.

Monthly Portfolio Performance

Anzen strategically acquires cash-flowing assets alongside qualified KYC-compliant investors through rigorous underwriting. These assets usually have reliable revenue streams and are expected to retain their value even during periods of cryptocurrency market volatility. As mentioned in the Real-World Assets (RWA) section, Anzen has tokenized assets that have been vetted by qualified holders and pledged on-chain as collateral backing. The impact of a defaults on a diversified portfolio is mitigated though Percent's underwriting process and Anzen's curated criteria and risk parameters. To learn more about various types of assets in the Private Credit market, please visit the [Intro to Private Credit](https://docs.anzen.finance/private-credit/market-overview) page. To learn more about Percent please visit:\ \ # FAQ Frequently Asked Questions ## 🛡️ General
What is USDz and how does it work? USDz is a stablecoin supported by a diversified portfolio of private credit assets. These assets are meticulously underwritten in collaboration with Percent, a US licensed broker-dealer. Percent has structured and serviced over $1.7B in credit deals since 2018. Anzen invests capital alongside institutional fiat investors. The yield from its credit portfolio offers a sustainable income stream, which supports rewards for on-chain USDz holders.
Does holding USDz generate any yield from RWA assets? No, holding USDz is similar to holding USDe from Ethena. You need to stake USDz on the Mainnet to receive sUSDz, which will enable you to earn rewards from RWA private credit deals.
What does RWA mean and how does it integrate with Anzen? RWAs are digitized on blockchain platforms. They combine the tangible economic value of physical assets with the efficiency and flexibility of digital transactions. Anzen allows crypto investors to access yield derived from real-world assets. This provides a reliable source of income and diversifies the risk associated with purely crypto-backed yield protocols. Real-world assets tokenized by Anzen have been vetted by qualified holders and pledged on-chain as collateral backing.
Where does the yield originate? If I stake USDz, how high could my yields potentially be? The USDz token itself does not provide any yield. However, if you stake USDz on ETH mainnet, you will receive sUSDz, which grants access to staking rewards. sUSDz offers a base staking reward which is uncorrelated by crypto market conditions. The effective staking rewards ratio may be affected depending on the TVL of the staking pool. For instance, consider a total value locked (TVL) of 100M. If 20M is staked and 80M is not, and the rewards rate is 15%, the stakers will earn a reward of effectively 75% APY. This figure is calculated based on 15M earned by the 20M stakers.
What are the risks associated with USDz? USDz’s risks are mostly listed below: * Smart contract Risk * Collateral Risk * Regulatory Risk
Could you provide more information on the collateral backing and transparency associated with Anzen? USDz is backed by private credit assets. This isn't simply a random assortment of assets. It's a carefully selected, diversified portfolio, designed based on specific underwriting criteria and stringent portfolio risk controls. ***USDz's Collateral and Backing Assets Criteria*** The portfolio is designed with the following criteria in mind: * The assets are based in the United States. Consequently, the portfolio's exposure is primarily in the US market, which reduces the risk associated with international economic fluctuations. * There is a 15% concentration limit on any single asset. This means that the portfolio is diversified across a minimum of 6-7 different assets, creating a balanced risk profile and minimizing the impact of any single asset's performance on the overall portfolio. * The portfolio only includes asset-backed securities (ABS) structures. This means that all the notes that are part of the portfolio are collateralized, providing an added layer of security for the investors and reducing the risk of default. USDz is minted through audited smart contracts, ensuring that each token is backed on a 1:1 basis with SPCT (Secured Private Credit Token) which is a permissioned token representing tokenized real-world assets. This on-chain record ensures that every USDz in circulation is fully collateralized, enhancing its stability and reliability as a medium of exchange. All operations related to the issuance and redemption of USDz are recorded transparently on the blockchain. This allows users to verify the solvency of USDz at any time, providing clear visibility into the health of its reserves. Users can view reserves by clicking on the following link:
How safe is USDz? & Will USDz ever depeg? A depeg occurs when the value of a stable asset strays exponentially from its pegged value. There are several reasons why this can happen, including liquidity problems, and regulatory crackdowns USDz acts as a hedge against unfavorable crypto market conditions since it is tied to real-world assets. However, it's still susceptible to risks, as outlined in the risk section. Users can visit the linked collateral section below to understand Anzen's risk management practices.
Is it possible to mint more USDz even if the cap limit has been reached? No, once the cap limit is reached you will need to wait till the next cap increase to mint more USDz tokens.
What jurisdictions are restricted from participating in Anzen’s points program? Anzen, USDz, and our z-points program are not available to Abkhazia, Afghanistan, Angola, Belarus, Burundi, Central African Republic, Congo, Cuba, Crimea, Ethiopia, Guinea-Bissau, Iran, Ivory Coast (Cote D’Ivoire), Lebanon, Liberia, Libya, Mali, Burma (Myanmar), Nicaragua, North Korea, Northern Cyprus, Russia, Somalia, Somaliland, South Ossetia, South Sudan, Sudan, Syria, Ukraine (Donetsk and Luhansk regions), United States, Venezuela, Yemen, and Zimbabwe.
## ⚒️️ Product
Where do I see my positions? You can view your current positions on Anzen's dashboard.
Where do I see my z-points? You can view your z-points and leaderboard rankingg on Anzen's dashboard. ![](/files/46jp0x8PzsHJNqVYWltO)
Why can’t I stake USDz on Base? Currently, we are only offering staking on the Ethereum Mainnet. However you can bridge your sUSDz on Anzen to use sUSDz on Base.
Why have my z-points stopped updating? * You exited all your Anzen-related positions * Occasionally there might be a UI bug - in these instances the team endeavors to fix the bug as soon as possible, but users will still be earning z-points.
If I withdraw my positions before the end of the campaign, do I keep my z-points? If you leave your Anzen-related position before the campaign ends, you won't lose your z-points. However, you won't earn any additional points once you're no longer in the position.
Do I earn z-points from borrowing USDz? Currently, on Extra Finance a user will only earn points from lending out USDz
What happens for Anzen V1 users? Anzen V1 users will be automatically whitelisted for V2 USDz minting features. V1 smart contracts are permanent, and withdrawals will always be available. However, there will be no future rebasing events on V1. V1 is being phased out in advance to allow users time to transfer their funds and to avoid confusion by ensuring only one version of the protocol is active at a time. Anzen doesn't charge protocol fees for certain transactions, such as withdrawing your investment from V1. However, regular blockchain gas fees still apply for on-chain transactions.
My leaderboard is not updating is there an issue with my z-points? The leaderboard updates every 15 minutes. If there is a UI bug, the team works to fix it as quickly as possible. In the meantime, users will continue to earn z-points.
## ✨ z-points Boost
Where can I see the multiples for z-points? z-points multiples will be listed under the Anzen dashboard under “Ways to Earn”
Do Galxe users receive any benefits from z-points? OG Galaxe users from Anzen V1 will automatically have their points rolled over and receive a 200% loyalty boost while new Galaxe users for Anzen V2 will receive an additional bonus for further promoting Anzen. See Anzen's Galxe page:
Do I get any z-points boost for referrals? You will receive a permanent 10% boost for referring other users. This boost will not accumulate with multiple referrals.
Do I get any z-points boost for voting with veAERO? Yes, you will receive an additional boost for veAERO voting. This voting not only provides veAERO users with an extra percentage boost for z-points but also enables them to farm incentives from the USDz-related LP pools. If you want to learn more about Aerodrome voting mechanics click on the link below:
## 🔧 Defi Integrations
What are Aero Emissions? Emissions are generated by depositing into any Aerodrome LP pool. Specifically, if you deposit liquidity into any pool associated with USDz, you will earn $AERO. More information on Aero Emissions linked below:
What can I do with $AERO Emissions? You can lock up $AERO for $veAERO to vote on any pool. We recommend voting on USDz-related pools to earn an extra boost for z-points. You also have the option to hold or sell $AERO as you see fit. See [How to Stake in USDz/USDC LP on Aerodrome](/user-guide/usdz-susdz-on-base/how-to-stake-in-usdz-usdc-lp-on-aerodrome)
Please join [@AnzenCommunity](https://t.me/AnzenCommunity) on Telegram, [@AnzenFinance](https://discord.gg/anzen) on Discord, or follow [@AnzenFinance](https://x.com/AnzenFinance) on Twitter. # Getting Started ## Launch Features Users currently can: * **Permissionlessly Buy** ***USDz***. This allows access to external AMM pools to buy *USDz* with USDC. * **Direct Buy *****USDz***. You can deposit accepted backing assets and receive *USDz.* * **Stake** *USDz.* Users in permitted jurisdictions can stake *USDz* and receive *sUSDz*, which will accrue staking rewards automatically. [Learn more about Staking](/user-guide/how-to-stake-unstake-usdz). ## How to Earn with USDz
On Anzen, users can easily ***Buy** and **Stake*** with our user-friendly platform. For features such as third-party staking, users may need to rely on third-party protocols (ie: Aerodrome, Extra Finance, Beefy). **It is crucial to understand:** * Holders of *sUSDz* automatically accrue rewards without any additional actions. * Rewards are accumulated within the staking contract, gradually increasing the value of *sUSDz* over time instead of paying out directly. * When unstaking *sUSDz*, users receive an amount of *USDz* reflecting the staked amount plus any appreciation in the value of *sUSDz* from the time of staking to unstaking. * The quantity of *sUSDz* received when staking *USDz* is contingent upon the prevailing value of *sUSDz*, which is anticipated to appreciate gradually as protocol rewards enter the Staking smart contract. # How to Buy USDz Buying USDz involves sending backing assets to the Anzen protocol and receiving USDz in return. ## **How to Buy USDz** You can **Buy *****USDz*** with Anzen through our user-friendly interface. {% embed url="" %} Currently, holding USDz generates 5 z-points per day. {% endembed %} 1. Ensure you are on the chain you wish to buy USDz. USDz is currently available on Base and Ethereum Mainnet.

Select the chain you wish to buy USDz on. USDz is available on Base and Ethereum Mainnet. You can also bridge USDz using our LayerZero Bridge.

2. Input the desired amount for buying with USDC as the backing asset in 'Send'. See the corresponding amount of *USDz* you'll receive in 'Receive'

Buy USDz on Base or Ethereum Mainnet, with USDC

3. If you are content with the *USDz* amount, click the "Buy" button. This action will prompt your chosen wallet to open, where you'll sign a signature detailing the backing asset, its amount, and the corresponding *USDz* quantity.
3. Following the signature confirmation with your wallet, Anzen validates the request and submits the transaction to the blockchain. You will see a notification that the transaction has been submitted.
3. Once the transaction is confirmed, you will see a 'Buy USDz successful' message, and the agreed-upon amount of *USDz* is automatically exchanged for your chosen backing asset, such as USDC.
3. You may need to add USDz to your wallet to view your total.

Add USDz to your wallet to see your total.

Buy USDz here: [https://rwa.anzen.finance/buy](https://rwa.anzen.finance/?r=40Z2KK) # How to Bridge USDz and sUSDz **Bridge USDz or sUSDz:** [**https://rwa.anzen.finance/bridge**](https://rwa.anzen.finance/bridge) USDz is available on Ethereum Mainnet, Base, and Blast. See our [Smart Contracts page](/developer-resources/smart-contracts) for USDz smart contracts on each network.
### **Bridging USDz** 1. Head to Anzen's Bridge page at Anzen's Bridge is [powered by LayerZero](https://x.com/AnzenFinance/status/1799106614177517802). This permits a safe and stable USDz on multiple chains.

Anzen's Cross chain Bridge is powered by Layer Zero. You can bridge USDz on Ethereum, Base, and Blast.

2. Select the From network. This will be the network you currently hold USDz in. If you're holding USDz and your wallet is connected to Anzen, you will see your USDz balance in that chain in the 'Send' box.

Select the network you want to bridge from.

3. Select the To network. This is the chain you want to bridge your USDz to.

Select the network you want to bridge to.

4. Make sure the Recipient Address is correct. This will be your wallet address.
5. Gas Fee will show the cost of bridging. 6. If you are satisfied with the rate of receiving USDz, select Bridge. 7. Check the transaction in your wallet and select Sign
8. The Bridge transaction may take a few minutes. You will see a Bridge USDz in progress notification on Anzen. You can track the tx through the link in the right-hand box.

Bridging USDz on Anzen is quick and simple.

4. You will now see USDz on your selected chain and the transaction Status will update to 'Complete'
### Bridge sUSDz (Staked USDz) To bridge staked USDz, change the token in the Send box to sUSDz.

Bridge sUSDz on Ethereum Mainnet, Base, or Blast.

### Checking Bridge TX You can always check the TX on by pasting the Tx Hash on the originating chain.\ For example, if you are bridging FROM Base, paste in the Basescan TX linked on Anzen's website to check the Status on LayerZero Scan.
# How to Stake/Unstake USDz Staking USDz allows holders to earn staking rewards as an incentive. These incentives are designed to reward USDz holders for their adoption and support of USDz throughout DeFi. ***Note: staking/unstaking USDz is currently only available on Ethereum Mainnet.*** {% embed url="" %} Currently, staking USDz generates 1 z-points per day. {% endembed %} ## **How to Stake USDz** Users located in permitted jurisdictions have the ability to **stake/unstake** USDz/sUSDz using the Anzen UI. The process through the user interface unfolds as follows: 1. Users initiate the staking of USDz by selecting the respective option on our dApp interface. This action prompts their chosen wallet to authorize the transaction.

Staking USDz earns APY + zpoints. There is an unstaking cooldown period. Staking is currently only available on Mainnet.

1. Once the user confirms the transaction through their wallet, it is forwarded to the blockchain for processing. 2. Upon successful confirmation on the blockchain, the user receives sUSDz as the transaction completes, with the atomic swap ensuring a seamless exchange. 3. The amount of sUSDz received in the user's wallet will stay the same, but the value of sUSDz in terms of USDz will increase when rewards are distributed. ## **Staking and Unstaking Flexibility** Users can stake or unstake USDz at any time, even in the middle of an epoch. There are no restrictions on when you can stake or unstake your funds. ## **Cooldown Period** ***After unstaking, there is a mandatory 7-day cooldown period before the unstaked funds can be withdrawn.***
This cooldown period helps to ensure the stability of the staking system and prevent abrupt changes in the staking pool. **Start Staking USDz here:** [**https://rwa.anzen.finance/stake**](https://rwa.anzen.finance/stake) # How USDz Rewards are Distributed ### **Rewards Distribution** #### *Epoch Duration:* * Distributions are started every Monday (US time). Rewards are emitted over every epoch, with each epoch lasting 7 days. ### **Vesting of Rewards** Rewards are vested over the duration of each epoch. To earn the full rewards for an epoch, users must remain staked for the entire 7 days. If a user stakes for less than the full epoch, they receive a proportional amount of rewards. For example, staking for 1 day earns 1/7 of the epoch's rewards, 2 days will earn 2/7, and so on. Similarly, if a user begins staking halfway into the epoch, they will only earn up to half the proportional share of staking rewards, because the first half would have already been vested to existing stakers. ### **Earning and Compounding Rewards** #### *Base Reward Rate:* * The base reward rate for staking is 1x, which is lower than other actions because stakers receive rewards in real-time. #### *Cooldown Period Earnings:* * Funds in the cooldown period do not earn rewards since they have been unstaked. * However, these funds still earn points. This ensures that only active stakers who are contributing to the stability of the system receive staking rewards. #### *Compounding Rewards:* * Rewards automatically compound into each user’s balance, meaning there’s no need to spend gas to claim rewards. * For example, if a user’s starting balance is 1000 USDz and they receive 100 USDz in rewards, their balance will increase to 1100 USDz. If the user then unstakes their entire position, they will receive 1100 USDz instead of just the original 1000 USDz. ### **Partial Unstaking** * The staking program allows for partial unstaking, which provides more flexibility for stakers * For example, if a user stakes 1000 USDz and decides to unstake 200 USDz, the remaining 800 USDz will continue to earn staking rewards. * This partial unstaking option ensures users can manage their funds according to their needs without losing out on the benefits of the staking program. # USDz sUSDz on Mainnet USDz and sUSDz are available on Mainnet. You can use USDz and sUSDz in pools across our partner protocols. Stake USDz in liquidity pools on Uniswap, stake USDz on Gud for Gudseeds. More coming soon. [Follow our X for the latest](https://x.com/AnzenFinance). ### USDz sUSDz Mainnet Contracts {% content-ref url="/pages/f78zbqgNv1XTYtSuSzVF" %} [Smart Contracts](/developer-resources/smart-contracts) {% endcontent-ref %} # Stake USDz on Gudchain Gudchain seeks to merge gameFi with the vast mobile gaming market, aiming to mainstream blockchain gaming through innovative wallet technology and an expansive approach beyond typical player vs. player setups. Stake USDz to earn gud seeds to obtain future rewards by participating in various events. The seeds will be automatically allocated to your account. gud staking does not have a lock-up period. You can withdraw your assets immediately whenever you need to, without the hassle of a lock-up period. **Audits** Gudchain staking contract has been audited by Halborn. [See the audit report here](https://cdn.gudchain.com/documents/Gudchain%20-%20Smart%20Contract%20Audit%20Report.pdf). Gud website: [Stake USDz on Gud](https://gudchain.com/onboard?referral=J0D6G) # USDz sUSDz on Base USDz and sUSDz are available on Base. You can use USDz and sUSDz in pools across our partner protocols. Stake USDz in liquidity pools on Aerodrome, lend USDz on ExtraFi, trade BTC perpetuals on Krav with leverage, and aggregate your staking with Beefy. More to come soon. [Follow our X for the latest](https://x.com/AnzenFinance). ### USDz sUSDz Base Contracts {% content-ref url="/pages/f78zbqgNv1XTYtSuSzVF" %} [Smart Contracts](/developer-resources/smart-contracts) {% endcontent-ref %} # How to Stake in USDz/USDC LP on Aerodrome

Earn APY and z-points by staking on Aerodrome

**Currently, staking USDz/USDC LP generates 20 z-points per day.** Once you have minted Anzen USDz on Base you can connect to Aerodrome Finance and you will see 3 different pools available to deposit. {% embed url="" %} **Currently, staking USDz/USDC LP generates 20 z-points per day. For most up-to-date zpoints information join Anzen Telegram / Discord.** {% endembed %} ## Aerodrome USDz Pools **sAMM USDz/USDC Pool** This is our standard stable pool on Aerodrome. You can participate in this pool without actively managing your portfolio, as stablecoins typically remain within the necessary range for fee mining. **Stable pools (sAMM)** are a specific type of liquidity pool intended for use with assets that have minimal to no price volatility. The formula used in these pools is designed to maintain low slippage, even in the presence of large trading volumes. The formula is represented as: 𝑥3𝑦+𝑦3𝑥≥𝑘*x*3*y*+*y*3*x*≥*k* A standard fee of 0.05% is charged for this type of liquidity pool. The mathematical formulas used in both pools aim to maintain a balanced total pool liquidity at all times. #### CL1 USDz/USDC Pool Our concentrated liquidity pool offers higher yields because the ranges are tighter, capturing a higher multiple on generated fees. However, be prepared to actively manage these types of pools, as prices may fluctuate out of range, resulting in no fees during that period. We recommend understanding the mechanics of Impermanent Loss before depositing in this pool. **Concentrated Liquidity Market Maker (CLMM)** pools allow liquidity providers to select a specific price range for active trading. Unlike constant product AMM pools, CLMM design enhances capital efficiency and boosts trading fee yields for LPs. It also improves liquidity depth, offering better prices and reduced price impact for traders. However, CLMMs can increase [impermanent loss](https://www.gemini.com/cryptopedia/decentralized-finance-impermanent-loss-defi), so understanding its implications is essential. Efficient capital allocation is possible with CLMMs, but monitoring market fluctuations is crucial to mitigate potential impermanent loss. 1. Begin by connecting your wallet on Aerodrome and choosing one of the three listed pools. 2. Select the pool by clicking on the logo or the deposit button next to the LP pool listing. 3. Deposit the necessary amount of tokens for the Pair. For instance, for sAMM USDz/USDC, you would deposit USDz and USDC in the LP pool. 4. Grant permission for the transaction to access USDz and the Second Token. 5. Stake the LP pool on Aerodrome to finalize the position.

Available USDz pools on Aerodrome (Base)

You can check your position on the Aerodrome Dashboard for all deposited and staked liquidity. When you deposit LP positions, you will receive AERO tokens as emissions. Don't forget to claim your $AERO on the **Liquidity Rewards** tab. **📖 Resources** Stake in Aerodrome USDz pools: Aerodrome Emissions: # Trade BTC Perpetuals with USDz on Krav USDz holders can now gain direct access to BTC markets, leveraging USDz as collateral to trade BTC perpetuals. Krav is the pioneer quant perpetual futures protocol on Base. **Overview** Anzen’s USDz is the first stablecoin supported in KRAV’s perpetual futures. We are excited to offer USDz users with direct access to BTC markets. USDz holders may now trade BTC perpetual futures, or earn yield via KRAV’s liquidity pools. Users can leverage the stability and security of USDz to make perpetual futures trades on BTC, taking advantage of KRAV’s innovative trading platform and low fees. Likewise, users may leverage KRAV’s platform to earn yield on USDz in single token pools. To see more on how users can take full advantage of trading and yield earning, see the user guide below. ## **Trading Guide** This guide covers the process of initiating and concluding trades with USDz through the Krav interface.
### To open and close trades on Krav you will need: * A Web3 wallet — Metamask, or WalletConnect connected to Krav. * ETH for Base network to pay gas fees. * USDz Tokens in your wallet. You can buy USDz on [Anzen.Finance](https://rwa.anzen.finance/?r=40Z2KK), or swap on Dexes like Aerodrome. See our [contract page](/developer-resources/smart-contracts) for token contracts. ### User Modes:
KRAV provides three user modes for different demographics of traders. For new users, we recommend using Basic mode: Basic: 2–50x leverage for new users, with an easier-to-read BTC price chart, and less risk of liquidations. Pro: 2–100x leverage for more experienced users, with BTC price chart with candles, and trading interfaces that display open interest and more detailed trade-related data. Degen: 50–200x leverage for the advanced traders out there, with the same interfaces as PRO. ### Connecting Wallet 1\. Go to Krav Dapp: 2\. Go to the app and Click “Connect Wallet” in the top right. You might need to refresh the page for the website to detect your wallet if it wasn’t unlocked yet. 3\. If this is your first trade, you’ll need to approve the contract to use the USDz you want. Simply click “Approve” and submit the transaction to BASE chain — now you’re all set to trade. ### Making Trades
1\. Choose Trade Type (Long or Short): Decide whether you want to take a long (betting the price will go up) or short (betting the price will go down) position on BTC. 2\. Select Collateral (Pay): From the dropdown option, select USDz, and how many you would like to use as collateral. This amount represents your baseline investment and is the maximum amount at risk if the trade is liquidated. 3\. Set Leverage: Choose a leverage multiplier for your trade. Leverage amplifies your exposure based on your collateral. Example: 1 KRAV collateral \* 200 leverage = 200 KRAV token net exposure. Keep in mind higher leverage increases the risk of liquidation. 4\. Specify Max Slippage: Set a maximum slippage percentage to protect your order. This will cancel your market order if the price moves significantly in your trade’s direction before it opens. 5\. Upon providing the information above, the trade button will turn either green (for longs), or red (for shorts) 6\. You can then click on the long or short button to execute the trade. Following the click, a final popup display will show details regarding the trade.
Entry Price: Price position enters (note: entry price may be impacted by price impact) Liq Price: Price at which your position is liquidated Fees: amount in fees paid Collateral: your initial collateral Leverage: your leveraged multiplier for exposure 7\. After the transaction is submitted a popup will display in your Metamask, and KRAV will likewise display a popup that KRAV is waiting for the transaction to be signed on Metamask: 8\. Once the transaction is signed a following popup will show that the trade is in the process of being confirmed 9\. Upon Reaching a two block confirmation, a following popup will show that the trade has been successfully executed and confirmed
10\. Upon Trade Open, the trade will populate below the BTC price chart in the Positions Chart. Here the collateral, entry price, current market price, and liquidation price may be viewed. Additionally, you may view the PnL of your position. In order to close the trade, simply click the X under “close”: Following this a transaction confirmation will popup in your wallet to confirm the closure of the trade. ## **Liquidity Provision:** Liquidity Provision is a simple task that involves placing your USDz into KRAV’s USDz LP. Here are the steps to add your USDz to KRAV’s vaults. 1. Migrate to KRAV’s “[Liquidity](https://app.krav.trade/liquidity)” Page. Upon entering the Page, you will see KRAV’s various Liquidity Pools.
2\. Select The USDz Pool and click “Add Liquidity”, and add however much liquidity you would like to add.
Note: LP’s may only withdraw 25% of their liquidity supplied at a time, with a 2 epoch (24–48) hour waiting period in between each withdrawal. Following this request wait period, the user must make the claim within a week long period — or request the withdrawl again. This withdrawal period exists to ensure stable liquidity of perpetual markets. LPs may face a level of risk in trade impacts. However, KRAV institutes various dynamic risk mechanisms to help mitigate such impacts. For more, see below “Additional Notes on LP Yield and Risk” 3\. Upon providing tokens into the LP head over to “Your Positions” tab where you may view your total liquidity, initial liquidity supplied, and your yield earned. Along with APR. *Note: APR is a dynamic formula that changes frequently based on volume.* ## **Additional Notes on LP Yield and Risk** **LPs earn yield from trading fees**. When a trade is opened and/or closed, a small percentage of the position size is collected as fees. The fees are set to 0.08% of initial position size for both opening and closing a trade. Because LPs act as a direct counterparty to the traders, there is a level of risk due to trader net PnL impacts. Trader profits will draw from the liquidity pools whereas losses and liquidations will add to them. Liquidations occur when losses exceed 90% of collateral. Maintaining a balance in longs and shorts helps LPs to remain delta neutral to BTC/USDT price movements. KRAV has implemented a dynamic price impact and funding rate mechanism to incentivize open interest balance and minimize trade impact risks. ### Price Impact The price impact mechanism employed by KRAV plays a critical role in maintaining balance within the liquidity pools by adjusting an individual trade’s open price based on the existing imbalance between long and short positions. The price impact skews the open price for any given trade, acting as a premium. Price impacts are only incurred when a trade acts to further imbalance the longs and shorts, thereby helping to mitigate net PnL impacts on the pool and incentivizing traders to balance the pools. Price impact factor is set dynamically to mitigate the risk of overt one-sided exposure. Price impact takes into account the size of the trade, the size of the liquidity pool, and the long / short balance to skew the price of each trade. ***Price Impact (%)** = base impact factor / ((1 — imbalance ratio) ^ impact exponent)) \* (absolute difference in OI after trade — absolute difference in OI before trade) / trade size \* 100* The base impact factor is globally initialized to 0.01% and the impact exponent to 4, but they can be adjusted as needed to maintain liquidity pool health in volatile market conditions. The imbalance ratio is the ratio between the absolute difference in open interest after trade and the size of the liquidity pool. As a liquidity pool open interest becomes further imbalanced, the price impact will scale exponentially, resulting in far less favorable open prices for traders and disincentivizing them from continuing to trade in that direction. Furthermore, should trades continue to be made, the negative PnL from opening these trades will make it increasingly more difficult for traders to profit in the short term. ### Funding Rate The funding fee is the most capital-efficient way of managing risk of live trades, limiting drawdown risk in case of violent market movement. Much like traditional funding rates, KRAV’s funding rate is a fee mechanism that minimizes liquidity gaps between open long and short trades over time. The side with the dominant open interest pays funding fees to the opposite side at every block (every 2s on Base), with individual payouts proportional to the position size and factored directly into trader net PnL. Funding rate is calculated according to a funding fee per block percentage, set to 0.000002% per block (31.54% annualized), applied to the difference in total open interest between long and short positions. For example, if there are 1m long units and 500k short units, the total funding fees paid will be 31.54% \* (1m — 500k) = 157.7k by the longs to the shorts. For traders holding their positions over long periods of time in hopes of long term profit, they will continuously have to battle against funding rates if they are taking positions on the side of the dominant open interest. On the other hand, funding rates also create room for funding rate farmers, rebalancing the open interest and mitigating LP downside risk. Dashboard: App: [https://rwa.anzen.finance/](https://rwa.anzen.finance/?r=40Z2KK) Twitter: Discord + Support: # USDz sUSDz on Blast ### Blast
ContractDeployment Address
USDz0x52056ED29Fe015f4Ba2e3b079D10C0B87f46e8c6
sUSDz0x73d23F3778a90Be8846E172354A115543dF2a7E4
USDz OFT Adapter0x5A1b8C0e9fE27b9DB4913df6B361deA5e96EA129
sUSDz OFT Adapter0x04D5ddf5f3a8939889F11E97f8c4BB48317F1938
sUSDz ITS Adapter0xF6F0A051E4De63D9118A6BC948463A9D08e40A5c
# How To LP In Thruster and earn 30x z-points 🏊 USDz-USDB V3, full range, 0.05% fee tier. USDz and sUSDz are now available on BLAST. Earn APY, z-points, Blast points, Blast gold, and partner points. **Adding USDz-USDB to the LP pool** **You can find the Thruster pool on Anzen's Dashboard:** [**https://rwa.anzen.finance/dashboard**](https://rwa.anzen.finance/dashboard)
1\) On the [Analytics](https://app.thruster.finance/analytics) page, select +[Create Position](https://app.thruster.finance/add)
2\) Select USDz and USDB as your token pairs
**3) Make sure the fee tier is at 0.05% and the price range is set to Full Range** {% embed url="" %} 4\) Add your token amounts. Approve USDz and USDB.
5\) Once you confirm the amounts, Fee Tier, and Range, select 'Add'
![](/files/pXS3tXdvAqBukYLgAvBT) 6\) Once the transaction is submitted, you can exit out of the notification popup and head to Thruster's [Portfolio](https://app.thruster.finance/portfolio) where you will see your USDB/USDz position.
7\) You will begin earning 30x z-points on your LP'd USDzUSDB. Track your portfolio on [Anzen's Dashboard](https://rwa.anzen.finance/dashboard). # Stake your USDzUSDB LP Tokens in Hyperlock for 35x z-points Hyperlock is a yield & metagovernance protocol built on Thruster and optimized for Blast Hyperlock provides boosted rewards to Thruster LPs and THRUST stakers via the social aggregation of veTHRUST and Hyperlock’s native token. Once you've provided liquidity in [Thruster](/user-guide/usdz-susdz-on-blast/how-to-lp-in-thruster-and-earn-30x-z-points) you can stake your LP tokens in Hyperlock to earn even more points! See all ways to earn on Anzen's Dashboard: ### **How to stake your LP on Hyperlock** 1\) Head to [Hyperlock Dapp](https://app.hyperlock.finance/#/). In the section titled 'Your LP', you'll find your Thruster LP positions. Make sure you are in the 'In Wallet' Tab. 2\) Select the USDB/USDz pool by clicking 'Deposit'
3\) A pop-up will show different options on depositing. Select the USDB/USDz pool and select the bottom Stake button.
4\) You will prompted by your wallet to approve the Stake transaction. Read through the request and if you are certain you may click confirm.
5\) Once Staked you will see a pop up on the top right that the transaction has completed.
6\) It may take 1 - 2 minutes before your position shows. Once confirmed, your Staked LP position will show in the Deposit tab.
You will now be earning: * 35x z-points * Hyperlock points * Thruster Credits * Blast Points (on the USDB side of the pool) * Blast Gold Hyperlock points can be tracked on Hyperlock app which is refershed every Thursday. ### **Reveal and Allocate Hyperlock Points** **!Important** To claim your Hyperlock Points you need to Reveal and Allocate. You can do so on the Hyperlock Dashboard.
You can track your z-points earned for this pool and overall on [Anzen's Dashboard](https://rwa.anzen.finance/dashboard). [Read Hyperlock Docs](https://docs.hyperlock.finance/) # Earn z-points Users can earn z-points in various ways when using USDz during our campaign. Different actions will yield varying amounts of z-points. USDz will be the first protocol to offer farming airdrop yields in addition to generating fees on Base.

Earn up to 20x multiplier on z-points by interacting with USDz and USDz partners.

📖 Read more in our announcement post here: 🛡️ View your positions and points on the Anzen Dashboard: # Overview Anzen facilitates the creation and redemption of a Real World Asset (RWA) backed tokenized dollar, USDz. USDz is truly a RWA-backed, on-chain, scalable, and sustainable form of money. USDz is fully composable, and allows holders to benefit from the stabilty of RWA with less volatility than speculative tokens. #### Key Information * Users can acquire USDz in permissionless external liquidity pools. * Approved institutional parties from permitted jurisdictions who pass KYC/KYB screening can directly mint & redeem USDz on-demand with Anzen after being whitelisted. ## **Peg Stability Mechanism** {% hint style="info" %} *USDz* maintains its relative peg stability through its backing by carefully selected private credit assets. This is achieved through a diversified portfolio that adheres to specific underwriting criteria and portfolio risk controls. The collateral is represented on-chain with permissioned, secured private credit tokens (SPCT). {% endhint %} # Backing Assets / Collateral ### **Overview** USDz is backed by a carefully selected, diversified portfolio of private credit assets, based on specific underwriting criteria and stringent portfolio risk controls. ### RWA RWAs, when digitized on blockchain platforms, combine the tangible economic value of physical assets with the efficiency and flexibility of digital transactions. Real-world assets tokenized by Anzen have been vetted by qualified holders and pledged on-chain as collateral backing. ## **USDz's Collateral and Backing Assets Criteria** The portfolio is designed with the following criteria in mind: * The assets are based in the United States. Consequently, the portfolio's exposure is primarily in the US market, which reduces the risk associated with international economic fluctuations. * There are concentration limits on any single asset. This means that the portfolio is always diversified across a minimum number of different assets, creating a balanced risk profile and minimizing the impact of any single asset's performance on the overall portfolio. * The portfolio only includes asset-backed securities (ABS) structures. This means that all the notes that are part of the portfolio are collateralized, providing an added layer of security for the investors and reducing the risk of default.

Anzen's Secured Private Credit Portfolio

**📖 See our Transparency Page for insights into Anzen Backing Assets:** [**https://rwa.anzen.finance/transparency**](https://rwa.anzen.finance/transparency) *USDz is not an investment product. Information shared about the collateral does not create any relationship between USDz and the collateral or claims for USDz holders to the collateral assets. Any information provided is purely for informational purposes only and does not constitute an offer to sell securities or a solicitation of an offer to buy securities.* # Eligibility Overview Anzen Eligibility is the critical set of standards that establish the characteristics of a assets that are considered for collateral and the process by which transactions are approved. Eligible Assets must meet Eligibility Criteria, as verified by an independent 3rd party verification agent. Eligible Assets are submitted to Anzen by Eligible Sponsors that have been approved by Anzen's Credit Committee. The Credit Committee also approves the Eligibility Criteria in order to maintain benchmark standards for all collateral assets, rather than approving transactions on a deal by deal basis. In this structure, USDz holders are provided comfort by a independent 3rd party verification agent that all Eligible Assets meet the Eligibility Criteria that is publicly disclosed and approved by the Credit Committee. # Eligibility Critera Eligibility Criteria must be approved by the Credit Committee and all Eligible Assets must adhere to the Eligibility Criteria. If an Eligible Asset meets the Eligibility Criteria as verified by an independent 3rd party verification agent, the Eligible Asset can be considered for inclusion as a collateral asset. ### Current Eligibility Criteria for [Private Securitizations](/private-credit/private-securitizations) approved by the Credit Committee as of January 31, 2022 1. The [distinct asset pool](/private-credit/private-securitizations/deal-structures/diversification) has a [perfected security interest](/private-credit/private-securitizations/deal-structures/bankruptcy-remoteness) by a first or second lien in favor of the entity selling the [debt instrument](/private-credit/private-securitizations/deal-structures/debt-instrument) purchased by [investors](/private-credit/private-securitizations/transaction-parties/investors) 2. The debt instrument purchased by investors and/or the underlying agreement affecting a [true sale](/private-credit/private-securitizations/deal-structures/bankruptcy-remoteness) of the distinct asset pool in favor of the entity selling the debt instrument purchased by investors must: 1. Require surveillance reporting at least biweekly that is readily available to investors 2. Have defined delinquency criteria to measure the performance of the distinct asset pool 3. Require all collections to be deposited directly (or [swept](/private-credit/private-securitizations/deal-structures/cash-control) within at least 5 business days into a non-commingled collections account that is subject to a [DACA ](/private-credit/private-securitizations/deal-structures/cash-control)in favor of the secured party and other cash management provisions are in effect 4. Require [overcollateralization](/private-credit/private-securitizations/deal-structures/credit-enhancements) to be tested at least on a biweekly basis with no breach of minimum overcollateralization occurring at the time [Eligible Sponsor](broken://pages/WkJLLkLUM7u9hhxKWh26) presents an Eligible Transaction through the moment Anzen coverage is approved 5. Require quarterly compliance attestations and ensure they are completed no greater than 45 days past due 6. Do not permit a grace period for payments in excess of five (5) Business Days 3. Each [Originator ](/private-credit/private-securitizations/transaction-parties/originators)associated with the debt instrument purchased by investors must: 1. Have at least 2 years of origination history 2. Is required to provide sufficient data to generate surveillance reports 3. Is in good standing and has never defaulted historically with the Eligible Sponsor 4. Have not missed any payments outside of the 5 business day grace period in the last 6 months with the Eligible Sponsor #### Note: The Eligibility Criteria above is subject to change per the Credit Committee and all changes will be posted here. All changes published on this page will go into effect within 10 business days. # Risks Anzen is committed to maintaining transparency. It's crucial to highlight the risks associated with USDz, the measures we have taken to mitigate these risks, and our ongoing risk management strategies, as well as any potential risks related to stablecoins in general. ## Risk of Synthetic Dollar * Custodial Risk * Exchange Failure Risk * Collateral Risk * Funding Risk * Liquidation Risk ## Risk of USDz as a RWA stablecoin Centralized stablecoins, such as *USDC*, *USDT*, and *USDz*, offer stability and capital efficiency, but they also introduce certain risks: * Carry an unhedgeable custodial risk with bond collateral in regulated bank accounts, which are susceptible to censorship. * Rely on the existing traditional market infrastructure and are affected by evolving country-specific regulations. * Users face a "return-free risk" as the issuer absorbs the yield while passing the risk of the depeg to users holding the fiat stablecoin. * Represent an unsecured credit position to both the issuer and the underlying bank holding the collateral assets, which are combined with other bank lending activities, such as those in Silicon Valley Bank. Any other centralized stablecoins that use "Real World Assets" (RWAs) as collateral and distribute the yield face the same risks of confiscation and censorship. # Transparency #### Overview USDz is minted through audited smart contracts, ensuring that each token is backed on a 1:1 basis with SPCT (Secured Private Credit Token) which is a permissioned token representing tokenized real-world assets. This on-chain record ensures that every USDz in circulation is fully collateralized, enhancing its stability and reliability as a medium of exchange. All operations related to the issuance and redemption of USDz are recorded transparently on the blockchain. This allows users to verify the solvency of USDz at any time, providing clear visibility into the health of its reserves. Users can view reserves by clicking on the following link: # ANZ Token *ANZ is the utility token for Anzen Finance. It is currently deployed on Base chain only.*\ *See ANZ on Coingecko:* [*https://www.coingecko.com/en/coins/anzen-finance*](https://www.coingecko.com/en/coins/anzen-finance) ANZ is designed to provide utility and align incentives within the USDz ecosystem. It employs a vote-escrowed (ve) model, inspired by mechanisms in DeFi protocols like Curve and Pendle, where locked tokens can share protocol revenue and govern the allocation of token rewards and liquidity incentives. Beyond governance, veANZ holders may also have exclusive access to certain protocol features and products. Read more here: \ **Tokenomics** ![](/files/NYaAl9aE9WfEOo4ex6gw)
**Community Airdrop: 5%** Allocated to users who contributed to the initial growth of the Anzen ecosystem. There is no vesting on the airdrop except for the top 500 wallets which will have 50% vested over 6 months. **Investors: 20.6%** Investor allocations are subject to a 6-month cliff from TGE, followed by a 24-month linear vesting. **Core Contributors: 5%** Anzen core contributors are subject to a 6-month cliff from TGE, followed by a 24-month linear vesting. **Foundation: 20%** The Foundation allocation is for partnerships and long-term initiatives to grow the Anzen ecosystem. **Ecosystem: 42.7%** The ecosystem portion will be used for reward emissions to users, including USDz stakers, USDz-USDC LPs, and USDz Bond holders. This ensures that ecosystem participants are rewarded for contributing to protocol TVL growth, and they have influence over the protocol **Launchpad Sale: 6.7%** ANZ launched Dec 2 on Fjord Foundry which sold out in a record-breaking 7 minutes. * **Venue:** Fjord Foundry and Starship * **Date:** Dec 2, 2024 * **Allocation:** up to 6.7% of total token supply (666,666,666 $ANZ), Fully Unlocked. * **Sale Limit**: $3M hard limit Fixed Price Sale, $60M fully diluted valuation (FDV). More details to come. Follow Anzen on [Twitter](https://twitter.com/anzenfinance) and [Telegram](http://t.me/AnzenCommunity) to be the first to hear information about the protocol token. # veANZ The vote-escrow model used in veANZ is built to benefit long-term ANZ holders as the protocol grows: * **“He who controls the yield controls the universe”:** veANZ holders have direct control over the flow of yield, effectively enabling them to steer the protocol’s growth. The rewards directed to a specific gauge increase that gauge’s attractiveness (higher APYs and rewards), incentivizing more liquidity. Over time, this deepens liquidity pools, makes USDz more accessible, and increases the utility and value of ANZ itself. See the [sUSDz pool on Pendle](https://app.pendle.finance/trade/pools/0x14936c9b8eb798ca6291c2d6ce5de2c6cb5f1f9c/zap/in?chain=base) for ANZ emissions. * **Alignment with the Protocol’s Growth:** By locking ANZ into veANZ, holders commit to the long-term health of the ecosystem. As USDz’s adoption and liquidity expand, ANZ holders gain increased value from their vote-escrowed positions in terms of the size of the reward streams that are voted on. This creates a virtuous cycle: more adoption and liquidity attract more users, increasing demand for ANZ as more people seek voting influence over rewards. * **Fee Capture and Revenue Sharing:** As the protocol grows, fees generated from protocol owned liquidity — such as trading fees, third party incentives, or lending income— can be shared back with veANZ holders. This means that holding veANZ not only grants voting power but also potentially entitles holders to a share of the protocol’s revenue. Over time, this model lets ANZ holders directly benefit from increased protocol activity, creating real value for committed participants. * **Sustainable Yield Opportunities Across Market Cycles:** USDz’s RWA backing is designed to provide consistent yield, even during bear markets when crypto-native yield sources dry up. This means that veANZ holders play a core part in allocating a valuable stream of rewards. Thus, Anzen remains attractive to both passive and active participants through every market cycle, supporting USDz’s role as a stable asset and increasing demand for ANZ. #### How ANZ Holders Benefit as the Protocol Grows As USDz adoption grows, so does the demand for ANZ because of its intrinsic utility. The veANZ model attracts both passive and active users. * **Increased Demand with limited supply:** Since locking ANZ reduces its circulating supply, the model creates scarcity. As USDz grows, veANZ voting power becomes more valuable, driving up the value of ANZ. * **Strategic Protocol Partnerships:** The influence of veANZ over gauges will become valuable not only within the ecosystem but also to external protocols looking to attract liquidity. For instance, a lending protocol might offer rewards for veANZ holders to vote for its gauge, which can increase protocol partnerships and strengthen USDz’s role in DeFi. * **Enhanced Value in Market Downturns:** Unlike many crypto assets, USDz and ANZ can offer yield opportunities during market downturns, thanks to the RWA backing. ANZ holders, therefore, stand to benefit from a more resilient protocol that has sustained revenue even in adverse market conditions. The veANZ model doesn’t just build value within the protocol but actively positions USDz to thrive across a wide range of DeFi contexts. ANZ’s design allows it to move into whichever markets are most profitable or popular at any given time, thanks to the ability to direct incentives. This portability is especially valuable for a stablecoin, as it lets ANZ follow yield wherever it may be most attractive, ensuring its role in DeFi isn’t static or constrained. \ [Follow Anzen on X](https://x.com/AnzenFinance) for more info # Advisory Board Anzen will put together an advisory board composed of the core Anzen team and strategic ANZ investors. The mandate of the advisory board is to guide the Anzen protocol and governance voters in developing its perpetually scaling protocol. In order for Anzen to be successful, the board will help ensure that Anzen abides by the core pillars of sustainable yield: * Rigorous Eligible Asset Criteria and Credit Exposure Limit thresholds to prevent blowups and maintain high credit quality * High risk-adjusted returns and high capital efficiency * Source long term strategic capital to attract and retain liquidity # Market Overview Private credit is an $8 trillion market in the United States, comprised of numerous sub-markets that ultimately cater to the vast borrowing needs of consumers and small to medium sized businesses. Contrary to the highly standardized $40 trillion+ U.S. public credit market serving the needs of governments, financial institutions and large corporations, the U.S. private credit market has been historically unorganized and deeply fragmented. ### "Private Credit" Defined What exactly makes private credit, private? Two distinct, mutually exclusive features: 1. Debt security not listed on any exchange or freely-tradable in the public market 2. Credit products originated by a lender, whether bank or non-bank Examples of sub-markets that coincide with feature 1 above include the structured credit market in the form of private debt securities, such as private asset-backed securities, as well as the U.S. private placement market, which are privately placed secured and unsecured bonds for investment grade companies in the U.S. Examples of sub-markets that coincide with feature 2 above include the structured credit market in the form of anything not issued as a security, alternative/fintech lending, venture debt, mid-market loans and commercial loans. ### **Private Lending Pyramid** A certain hierarchy of private lending ultimately forms the basis of the U.S. private credit market. #### At the bottom of the lending pyramid are the credit products offered to end borrowers, whether consumers or small businesses. These credit products range from small business loans offered by a regional bank, to buy-now-pay-later loans offered by a non-bank lender. ![](/files/bmOY5SaRY2FyuN5fJEuo) ![](/files/BUuD8NzpvCGmvaRdVlVH) #### These banks and non-bank lenders are therefore one level higher in the private lending pyramid. However, at this stage, banks and non-bank lenders diverge as their own respective sources of capital they use to lend to their end customers (the borrowers at the bottom of the pyramid) are drastically different. ![](/files/b1xdAFgekSBRJ8B5O6JB) ![](/files/BUuD8NzpvCGmvaRdVlVH) #### Banks are able to use deposits on hand from other customers, and, depending on their size, may be able to raise both debt and equity capital in the public market to fund their lending needs. Non-bank lenders on the other hand, have no such access to a deposit base and are typically much smaller entities with no direct access to low cost capital or public markets. Instead, non-bank lenders borrow from larger non-bank lenders or a group of private investors. ![](/files/tyJgEVYiOzDvpTSRfN4Y) ![](/files/BUuD8NzpvCGmvaRdVlVH) #### These larger non-bank lenders and private credit investors are therefore one level higher in the private lending pyramid. ![](/files/XDvZi4eP0tSZs7JGnXs1) ![](/files/BUuD8NzpvCGmvaRdVlVH) **At the top of this pyramid, are those ultimately lending to the larger non-bank lenders, which are typically banks, pension funds and other large institutional credit investors that seek exposure to private credit but are willing to accept much lower returns in exchange for much lower risk through extensive diversification.** ![](/files/kXoNgzgIWGGMDqQOR4SS) **The top of the pyramid is supported by all the individual private credit deals that are being sourced, structured and serviced at each rank below. The lower the private credit deal between lender and borrower takes place, the more concentrated the risk and therefore, the higher the return.** ![](/files/BRWeE2LMZmYBV2ufTUjT) # Sub-Markets ### Consumer Lending Market The consumer lending market is a sub-market of private credit that generally involves individuals of varying credit profiles borrowing money for a variety of uses from non-bank lenders and banks. The type of debt offered to these individuals broadly fall into one of two categories: * **Unsecured Credit** - Debt offered to individuals such as credit cards, buy-now-pay-later loans and personal loans that are obligations of the individual to repay with creditworthiness based on credit scores or other proprietary measures of the lender * **Secured Credit** - Debt offered to individuals secured by assets such as mortgages and auto loans that are obligations of the individual to repay with creditworthiness based on credit scores or other proprietary measures of the lender as well the value of the assets ### Corporate Lending Market The corporate lending market is a sub-market of private credit that generally involves companies of varying sizes raising corporate-level debt capital from non-bank lenders and investors. The type of debt raised by these companies generally fall into one of two categories: * **Venture Debt** - Debt raised by venture equity capital backed companies, provided by venture debt funds or some venture equity funds * **Mid Market Loans** - Debt raised by companies generating anywhere between $10 - 75 million of EBITDA and provided by private credit funds ### Commercial Loan Market The commercial loan market is a sub-market of private credit that generally involves companies of varying sizes and established track records raising corporate-level debt capital from banks. The type of debt raised by these companies broadly fall into one of two categories: * Unsecured Loans - Debt raised by companies that are not secured by any assets of the company but rather guaranteed by the company and supported by cash flows * Asset-based Loans - Debt raised by companies that is secured by specific real and financial assets of the company as well as guaranteed by the company and supported by cash flows ### U.S. Private Placement Market The U.S. private placement market is a sub-market of private credit that generally involves companies rated investment grade by a rating agency raising corporate-level debt capital from insurance companies and other asset managers that require a an investment grade rating. The type of debt raised by these companies generally fall into one of two categories: * **Unsecured Debt** - Debt raised by investment grade companies that are not secured by any assets of the company but rather guaranteed by the company and supported by cash flows * **Secured Debt** - Debt raised by investment grade companies that is secured by real and financial assets of the company as well as guaranteed by the company and supported by cash flows ### Structured Credit Market The structured credit market is a sub-market of private credit that generally involves the pooling of individual financial assets from a company looking to raise debt capital into a new entity that then becomes the borrower in a financial instruments supported by the cash flows generated by the individual assets. The type of debt raised by these companies generally fall into one of two categories: * **Credit Facilities** - Debt provided to a borrowing entity by a single credit fund, bank or other capital provider that is supported by the pool of assets contributed to the borrowing entity * **Private Securitizations** - Debt raised by a borrowing entity from a group of private credit investors that is supported by the pool of assets contributed to the borrowing entity # Private Securitizations While the public securitization market in the United States alone is approximately $12 trillion in outstanding mortgage-backed and asset-backed securities, the private securitization market is rapidly growing thanks to the rise of private debt markets. Non-bank lenders servicing various niche borrower groups such as consumers looking for an advance on their wages or small businesses seeking liquidity for working capital have largely driven the need to seek more attractive financing terms for their portfolios of originated loans and other cash-generating financing assets. These private securitizations are taking place prior to reaching the scale required to appease rating agencies and gain access to the public securitization market. #### Illustrative Securitization Structure and Parties ![](/files/s30oBXc49fGMQG3NLGdk) There are established asset classes, standardized deal structures and typical transaction parties that define the private securitization market in more detail below. # Asset Classes Asset classes within the private securitization market can be divided into two broad categories, those transactions with underlying credit exposures to borrowers that are individuals (Consumers) and those transactions with underlying credit exposures to borrowers that are small to medium sized businesses (Businesses). Please note that this list is not exhaustive but is indicative of the exposures of Eligible Transactions. ## Consumers ### Buy Now Pay Later Loans Consumers who purchase goods and services both online and in brick and mortar retailers now have many options to pay over time in unsecured installments via a variety of non-bank fintech lenders. These lenders have proprietary algorithms to assess the credit quality of the consumer at the point of sale and usually debit payments directly from the consumers bank accounts over a selected schedule to pay for the item. ### Debt Consolidation Loans Consumers who have amassed extensive debt from primarily credit cards and want to consolidate all outstanding obligations into one have many lenders to chose from that will pay off existing balances entirely and become a singular lender to the consumer. Many of these lenders receive certain concessions from prior lenders holding delinquent balances that ultimately allow them to provide more favorable terms to the consumer and enable a path to credit recovery. ### Earned Wage Advances Consumers who wish to receive wages they have earned but have not yet been paid by their employer on regular payment cycles can receive an unsecured advance from a variety of non-bank fintech lenders. These lenders typically integrate with employers and/or the payroll provider to determine how much each employee has accrued in earned wages up to the day or hour and provide an up to date offer on receiving an advance on these accrued amounts. Once the next payroll date is reached, the lender receives repayment plus interest directly from the employer and/or their payroll provider. ### **Litigation Financing** Consumers who may have suffered a personal injury or are simply awaiting a settlement or judgement on an outstanding lawsuit have the option to receive some portion of their expected future settlement or award. Many non-bank lenders experienced in law are able to decipher the merits of the case, make a reasonable estimation of expected settlements or awards based on precedent cases and lend to interested plaintiffs. ### Residential Mortgages Consumers who purchase primary or secondary homes often do so by obtaining a secured loan from a lender. While consumers with higher credit scores typically get favorable loan terms from a myriad of banks, those consumers with low credit scores, minimal credit history or outside of the U.S. where bank financing is tougher to obtain for certain segments of the population are typically served by non-bank lenders. ### Vehicle Loans Consumers who purchase cars, motorcycles and recreational vehicles often do so by obtaining a secured loan from a lender. While consumers with higher credit scores typically get favorable loan terms from a myriad of banks, those consumers with low credit scores, minimal credit history or outside of the U.S. where bank financing is more scarce are typically served by non-bank lenders. ## Business ### Invoice/Receivables Factoring Many small and medium sized businesses (SMBs) provide goods and services to large, high credit quality corporations. However, these large corporations often have long timelines for payment as the invoice runs through layers of bureaucracy before getting approved. This delay in payment can negatively impact SMBs who need ongoing cash flow to pay its employees and suppliers. Invoice factoring is a type of financing where a lender pays amounts owed under outstanding invoices to the SMB in advance. This provides the SMB upfront cash to satisfy working capital needs. The lender will then collect then be repaid from the invoiced customer once they fulfill their payment obligation. ### Merchant Cash Advances Many small and medium sized businesses (SMBs) endure working capital shortfalls for a variety of reasons including cyclicality, capex or expansion costs. Merchant cash advances are designed to alleviate working capital issues on a short term basis by advancing the business a certain percentage of its expected revenues and establishing the right to receive repayment on the advance directly from these future revenues. Many non-bank lenders that extend merchant cash advances are data-driven and technology-enabled for enhanced underwriting and monitoring. ### Purchase Order Financing Many consumer packaged goods ("CPG") brands receive purchase orders ("POs") from major retailers such as Walmart or Costco. These large, stable, and in many cases investment grade companies are largely non-cyclical and have historically performed well in recessionary environments. However, given these purchase orders from large retailers, the CPG company may need to raise cash to manufacture and deliver their goods to fulfill the purchase order. The CPG company can use its Costco purchase orders as collateral to receive financing. Lenders are willing to provide this financing because they can collect money through the Costco purchase orders if the CPG company does not pay back its loans. ## Hybrid ### Crypto-Collateralized Loans Many consumers and businesses who are interested in monetizing crypto holdings without selling the underlying crypto have a variety of non-bank lenders to chose from to obtain a fiat loan secured by their crypto. These non-bank lenders are very technology and data-oriented, as many take possession or control of the collateral, have developed proven risk-management frameworks against fraud, theft and volatility, and offer borrowers the ability to leverage crypto wealth. # Deal Structures Private securitizations can be structured in a variety of ways but most share the following common terms and attributes that enable them to be inherently well diversified, may contain credit enhancements, carry robust controls, require extensive reporting and as a result, sustain low losses under default scenarios. # Debt Instrument All securitizations will involve a debt or credit financial instrument for investors to purchase. These instruments are typically notes or bonds and typically carry the following terms: * **Borrower Name** - Name of the legal entity required to make timely payments, typically an SPV * **Principal Amount** - Total amount raised and due by the Maturity Date * **Rank** - Unsecured or Secured by the borrower, and can be 1st, 2nd or further in line if secured * **Interest Rate** - Annual rate of return paid to investors * **Maturity Date** - Date on which the Principal Amount is due * **Interest Payment Dates** - Dates on which the interest payments are due * **Interest Only Periods** - Period of time in which only interest payments are made * **Amortization Period** - Period of time in which both interest and principal payments are made * **Reinvestment Period** - Period of time in which the originator can use cash flows from the defined asset pool within the designated SPV and continue to reinvest in underlying assets that will subsequently be contributed to the defined asset pool to replace underlying assets that have repaid * **Eligibility Criteria** - Specific criteria the originator must follow in order to contribute assets into the defined asset pool within the designated SPV * **Concentration Limits** - Specific limitations to prevent concentrated exposures within the defined asset pool to ensure sufficient diversification throughout the life of the transaction * **Priority Waterfall** - Specific order of priority in which cash flows are distributed from the defined asset pool, typically fees and expenses to required third parties, then servicing fees to the originator, then interest and principal to investors and then finally any amounts remaining back to the borrower * **Events of Default** - Various defined situations in which the debt instrument would be considered in default including non-payment of interest and principal, not maintaining a perfected security interest, etc. * **Rapid Amortization Triggers** - Various defined situation in which the debt instrument would begin to amortize according to a pre-determined frequency, typically in the event of underperformance in the defined asset pool * **Covenants** - Various restrictions and requirements imposed on both the borrower and the originator # Diversification The primary hallmark of securitizations, whether public or private, is the concept of aggregating a pool of distinct cash flows from a variety of underlying obligors to achieve inherent diversification within the deal structure. Underperformance from some assets within the distinct pool is mitigated by expected performance or even outperformance from other assets within the same distinct pool. As such, cash flows from the distinct pool tend to be statistically predictable in nature and can be adequately relied on to support the interest and principal payments associated with a debt instrument purchased by investors that is reliant on these cash flows. #### Distinct Asset Pools Cash flowing financial assets are aggregated into a singular legal entity. The originator does so directly by this singular legal entity or transfers them into this legal entity through a number of methods such as an outright sale, assignment or participation. These assets and the rights to their cash flows reside within this legal entity. In typical securitizations, the pools of assets are well diversified, have explicit eligibility criteria so the originator cannot originate and/or contribute assets that are not within pre-determined criteria. The result is a legally protected pool of cash flows available to support the interest and principal payments on the debt instrument that securitization investors purchase that is issued by this singular legal entity. # Credit Enhancements In addition to the distinct asset pools supporting the interest and principal payments owned to investors who have purchased the debt instrument, there are a number of structural features that can be included in the transaction to enhance the credit and likelihood of making timely payments. #### Overcollateralization The primary credit enhancement is most securitizations is having a larger distinct pool of assets than what is required to service the debt instrument. For example, if the distinct pool of assets contains loans with a face value of $1.25 million and the principal outstanding on the debt instrument purchased by investors equals $1 million, then there is an additional $250,000 of assets in the distinct pool available to satisfy the $1 million outstanding. This would equate to a 25% over collateralization ($250,000 / $1,000,000). The inverse of overcollateralization is often cited as well in securitizations and is called an advance rate. In this example the advance rate would equal 80% ($1,000,000 / $1,250,000). The advance rate can also be referred to as loan to value ("LTV"), although this term is typically reserved for underlying loans and not generally cited in securitizations. **Cash Reserve** Another common credit enhancement found in many securitization is having a side pocket of cash held in a bank account for the benefit of investors who have purchased the debt instrument to cover any underperformance from the distinct asset pool. Following with our example, if the $1,000,000 principal value of the debt instrument also had the benefit of a $100,000 cash reserve, then that would provide additional cushion to service interest and principal payments on the debt instrument. This would equate to a 10% cash reserve. The cash reserve is generally funded by the proceeds of the debt instrument itself. In this example, if the $1,000,000 debt instrument was issued on January 31, 2022, $900,000 of proceeds less transaction expenses would be wired to the originator and/or its SPV and $100,000 would be withheld in account not accessible by the originator and/or its SPV. #### Excess Spread The distinct asset pool generating cash flows is typically comprised of a diverse array of underling loans, advances, receivables or other credit products. Each of these underlying assets will carry a rate of return and, in aggregate, will generate a pool-level return net of defaults and losses. The debt instrument offered to investors will also carry a stated rate of return. The difference between the portfolio-level net return and that return owed to investors of the debt instrument is the excess spread and offers an additional credit enhancement to the securitization. For example, if the underlying pool of assets returns in aggregate 15% APY and the debt instrument is required to pay investors a 10% coupon, this would equate to a 5% excess spread. #### Credit Insurance Some securitizations issuers, underwriters and investors opt to seek credit insurance on the debt instrument. There are a number of regulated insurance companies in the United States that offer credit insurance. These coverages typically cover a set percentage in the event of a default, and the payouts are provided by the insurance companies. Therefore, the risk of non-payment from the securitization structure is replaced with the risk of non-payment from a typically investment-grade rated insurance company with a strong balance sheet able to withstand potential defaults. # Bankruptcy Remoteness In order to isolate assets and protect them from the risk of other creditors claiming rights to the associated cash flows, special purpose vehicles ("SPV") are set up in a bankruptcy-remote fashion, assets are contributed via a true sale and security in the distinct pool of assets is perfected. As such, the only creditors that have a right to the SPV's cash flows from its distinct asset pools are the investors who have purchased the debt instrument from the SPV. This way, even if the originator, or any other associated company, were to become insolvent, creditors of that company would be unable to seek any recovery from the SPV that holds the distinct asset pool. #### Special Purpose Vehicles The singular legal entities holding the distinct asset pool supporting a securitization is generally referred to as a special purpose vehicle (SPV). These SPVs are set up as legal companies, typically limited liability companies (LLC) or trust entities designed to both to have contractual rights to the cash flows received from the distinct asset pools, as well as the contractual obligation to service the debt instrument purchased by investors. These legal entity types are specific to the United States, but equivalent company structures exist in most countries. The SPV itself is typically wholly owned by the originator, has independent directors responsible for legal, regulatory and/or tax filings and are considered bankruptcy-remote. #### True Sale When the assets are contributed into the SPV from the originator, the transfer is considered a true sale. In a true sale, the economic and beneficial ownership of the underlying assets is transferred to the SPV. This is critical because in the event the assets were not sold into the SPV, they may be considered available collateral to the creditors of the seller. True sales can be affected in a number of ways, the most common being sale agreements, assignments and participation interests. **Security Interest** Once the assets are contributed into the SPV via a true sale, an additional measure is generally taken to ensure that no other future creditor into the SPV itself may lay claim to the distinct asset pool. The investor purchasing the debt instrument (or the issuing entity selling notes to investors and participating in the underlying assets) perfects a security interest in the underlying distinct pool of assets by filing a UCC-1 financing statement in the United States per the laws set forth in the Uniform Commercial Code (UCC). # Cash Control Despite all the aforementioned futures, the control and possession of cash is critical to protect investors by ensuring timely delivery of payments and mitigate against fraud and other bad acts. #### Deposit Account Control Agreement Maintaining control over the accounts where the cash flows related to all the underlying assets within the distinct asset pool is critical. As such, in the United States many banks offer bank accounts with a deposit account control agreement (DACA). DACAs enable investors, or a 3rd party acting on their behalf, to either have full control of all funds in the bank account at all times or be able to take control of the bank account under pre-determined scenarios. The latter of these two options is typically called a "Springing DACA". This provides investors greater comfort over having possession of the distinct asset pool via the true sale and is a requirement in order to perfect a security interest in the distinct asset pool. #### Cash Sweeping In the event some cash flows are received into accounts not under a DACA, the originator is required to transfer all cash received into the account within a short set time period into a designed DACA account for the benefit of investors. This type of arrangement is common where investors have both a springing DACA and a full DACA and the springing DACA is on a servicing account where the originator must maintain primary control for a variety of reasons. # Transaction Parties All private securitizations involve a number of transaction parties that each play an integral role. While the number of roles may differ between transactions based on deal structure and asset class, there is consistency between originators and investors as being the bare minimum required parties involved. # Originators Originators are companies that extend credit to their borrower clients based on their underwriting criteria. The type of credit extended depends on which asset class the Originator is associated with and whether or not their credit products are generic or bespoke. Originators typically maintain four key pillars in their business: 1. Sourcing - Finding new borrower clients through various means, including brokers, paid advertising and referrals 2. Underwriting - Vetting and onboarding new borrower clients based on specific criteria, typically leveraging publicly available information like credit scores as well as other data points to assess the borrower's creditworthiness and determine appropriate terms 3. Servicing - Ongoing interactions with the borrower to ensure timely receipt of payments, managing inquiries and producing statements and/or other disclosures 4. Collections - Pursuit of delinquent borrowers to maximize recovery through all recourse and protections available under contractual agreements Some of the above pillars may be outsourced, such as servicing and collections, but underwriting is typically the originator's core value proposition and is nearly always performed in-house. The role an originator specifically plays in a private securitization is the party that is raising debt capital from investors to fund their origination activities. By contributing their originated assets to an SPV and adhering to all the requirements per the debt instrument's terms, they are able to raise attractive capital that is typically non-recourse to the originator since the assets and the overall structure directly support the debt instrument. The originator is also typically the sole owner of the SPV and is subject to various reporting requirements. Therefore, the SPV is typically the borrower in a private securitization. # Investors The buyers of the debt instrument offered by the SPV are the investors in a private securitization. Investors are typically sophisticated in order to understand the various structural nuances associated with these types of transactions. Depending on the form of solicitation and distribution of the debt instrument offered, investors may need to meet the definition of accredited investor, qualified purchaser or qualified institutional buyer in order to participate. The role an investor specifically plays in a private securitization is the party or parties that are supplying the debt capital to originators to fund their origination activities. In return, investors receive all the rights and remedies outlined in terms of the debt instrument they purchase. They are responsible for conducting due diligence to determine whether or not the risk-reward tradeoff is suitable for their investment needs and tolerances. # Underwriters Given the complexities involved with private securitization, there is nearly always an underwriter involved. All underwriters source new borrower clients, conduct due diligence and structure transactions by working with all the 3rd parties involved. Underwriters then fall into one of two categories: * **Buy-side Underwriter** - Typically an institutional investor that underwrites the transaction in a principal capacity with the intent of being the investor * **Sell-side Underwriter** - Typically a broker-dealer that underwriters the transaction in an agent capacity with the intent of selling the transaction to investors that it sources In either scenario, underwriters play a crucial role in ensuring the transaction is well structured by conducting due diligence on the originator, the prospective distinct asset pool and all the associated historical performance data to determine the optimal deal structure that minimizes risk and maximizes return while still being competitive to the originator's alternative sources of funding. # Other Parties A variety of other parties are typically involved in any given private securitization in order to assemble and maintain the deal structure. Such parties include: * **Law Firms** - Given all of the documentation and legal work required to execute a private securitization, law firms are essential parties. Typically, there is a law firm representing each transaction party and each law firm will be represented by lawyers specialized in structured finance * **Trustee Banks** - In transactions where the debt instrument is purchased by more than one investor, a trustee bank typically steps in to perform a variety of functions on behalf of the investor. These may include cash collections, cash distributions and holding the borrower accountable for other requirements under the debt instrument * **Collateral Agents** - Designated third parties that perform a variety of functions associated with the distinct asset pool including but not limited to collateral verification, double checking calculations relevant to the debt instrument's requirements and performing other administrative duties * **Back-up Servicers** - To mitigate the inherent counter-party risk that exists in the event the originator is no longer able to perform its servicing duties on the distinct asset pool supporting the debt instrument, some transactions include a third-party to step in. These third parties can be considered "hot", "warm" or "cold" depending on how quickly they can step in and assume the servicing requirements of the distinct asset pool * **Rating Agencies** - While more common across public securitizations, many private securitizations are also rated by a nationally recognized statistical ratings organization ("NRSRO"). These agencies will comprehensively evaluate the transaction, apply its merits to in-house ratings methodologies and ultimately provide a ratings report to inform investors of its assessment and rationale * **Auditors** - Many originators in private securitizations must require audited financials to provide comfort to all transaction parties. As such, auditors are typically involved at the originator-level and provide ongoing audit reports and audited financials * **Independent Directors** - The SPVs acting as a borrower in a bankruptcy-remote fashion typically require a 3rd party appointed independent director in order to carry out administrative duties on behalf of the SPV. This way, neither the originator nor the investors have any influence on how the legal entity itself is managed from a regulatory and legal standpoint. # Media Kit
\ \ **ANZ token logo**\ ![](/files/BCOy9JZD16rUU5QoYwy6) # Smart Contracts Anzen's deployed smart contract addresses are listed below. All contracts have undergone [multiple audits](https://docs.anzen.finance/overview/anzen-protocol/audits) by leading security firms. ### Mainnet | Contract | Deployment Address | | ---------------------------- | --------------------------------------------------------------------------------------------------------------------- | | SPCT | [0xf30a29F1C540724Fd8c5c4Be1AF604a6C6800D29](https://etherscan.io/address/0xf30a29F1C540724Fd8c5c4Be1AF604a6C6800D29) | | USDz | [0xA469B7Ee9ee773642b3e93E842e5D9b5BaA10067](https://etherscan.io/address/0xA469B7Ee9ee773642b3e93E842e5D9b5BaA10067) | | sUSDz | [0x547213367cfB08ab418E7b54d7883b2C2AA27Fd7](https://etherscan.io/address/0x547213367cfB08ab418E7b54d7883b2C2AA27Fd7) | | sUSDz OFT Adapter | [0x0c0dfFF29E449B0a84F78cc7CdBbe0E31FdAF1B7](https://etherscan.io/address/0x0c0dfFF29E449B0a84F78cc7CdBbe0E31FdAF1B7) | | sUSDz ITS Adapter | [0xF6F0A051E4De63D9118A6BC948463A9D08e40A5c](https://etherscan.io/address/0xF6F0A051E4De63D9118A6BC948463A9D08e40A5c) | | sUSDz/USDz Chainlink Adapter | [0x8047F61e4D8Bd15f3A8Ad0bf30b7882219C31869](https://etherscan.io/address/0x8047f61e4d8bd15f3a8ad0bf30b7882219c31869) | ### Arbitrum | Contract | Deployment Address | | ----------------- | ------------------------------------------------------------------------------------------------------------------------- | | USDz | [0x5018609AB477cC502e170A5aCcf5312B86a4b94f](https://arbiscan.io/address/0x5018609AB477cC502e170A5aCcf5312B86a4b94f) | | sUSDz | [0x1B2c29e3897b8F9170c98440A483e90e715C879d](https://arbiscan.io/address/0x1b2c29e3897b8f9170c98440a483e90e715c879d) | | Vault | [0x73d23F3778a90Be8846E172354A115543dF2a7E4](https://arbiscan.io/address/0x73d23F3778a90Be8846E172354A115543dF2a7E4) | | USDz OFT Adapter | [0xdd216101D84d513A12CB7bFB109F7abCF330D58e](https://arbiscan.io/address/0xdd216101D84d513A12CB7bFB109F7abCF330D58e#code) | | sUSDz OFT Adapter | [0xe563eccd6790a42f9872e6a94b173810cfddac32](https://arbiscan.io/address/0xe563eccd6790a42f9872e6a94b173810cfddac32) | ### Base | Contract | Deployment Address | | ----------------- | ---------------------------------------------------------------------------------------------------------------------------------- | | ANZ | [0xeeC468333ccc16D4BF1cEf497A56cf8C0aAe4Ca3](https://basescan.org/address/0xeeC468333ccc16D4BF1cEf497A56cf8C0aAe4Ca3) | | USDz | [0x04D5ddf5f3a8939889F11E97f8c4BB48317F1938](https://basescan.org/address/0x04D5ddf5f3a8939889F11E97f8c4BB48317F1938) | | sUSDz | [0xe31eE12bDFDD0573D634124611e85338e2cBF0cF](https://basescan.org/address/0xe31eE12bDFDD0573D634124611e85338e2cBF0cF) | | Vault | [0xd4cd16f8470ad3d72d06e344f2997d9e59cbbaac](https://basescan.org/address/0xd4cd16f8470ad3d72d06e344f2997d9e59cbbaac) | | sUSDz OFT Adapter | [0x547213367cfB08ab418E7b54d7883b2C2AA27Fd7](https://basescan.org/address/0x547213367cfB08ab418E7b54d7883b2C2AA27Fd7) | | sUSDz ITS Adapter | [0xF6F0A051E4De63D9118A6BC948463A9D08e40A5c](https://basescan.org/address/0xF6F0A051E4De63D9118A6BC948463A9D08e40A5c) | | USDz/USD Oracle | [0xe25969e2Fa633a0C027fAB8F30Fc9C6A90D60B48](https://basescan.org/address/0xe25969e2fa633a0c027fab8f30fc9c6a90d60b48#readContract) | ### Blast | Contract | Deployment Address | | ----------------- | --------------------------------------------------------------------------------------------------------------------- | | USDz | [0x52056ED29Fe015f4Ba2e3b079D10C0B87f46e8c6](https://blastscan.io/address/0x52056ED29Fe015f4Ba2e3b079D10C0B87f46e8c6) | | sUSDz | [0x73d23F3778a90Be8846E172354A115543dF2a7E4](https://blastscan.io/address/0x73d23F3778a90Be8846E172354A115543dF2a7E4) | | Vault | [0xf3588ea537b66ea59e9a0b0337abbd39d00cfe09](https://blastscan.io/address/0xf3588ea537b66ea59e9a0b0337abbd39d00cfe09) | | USDz OFT Adapter | [0x5A1b8C0e9fE27b9DB4913df6B361deA5e96EA129](https://blastscan.io/address/0x5A1b8C0e9fE27b9DB4913df6B361deA5e96EA129) | | sUSDz OFT Adapter | [0x04D5ddf5f3a8939889F11E97f8c4BB48317F1938](https://blastscan.io/address/0x04D5ddf5f3a8939889F11E97f8c4BB48317F1938) | | sUSDz ITS Adapter | [0xF6F0A051E4De63D9118A6BC948463A9D08e40A5c](https://blastscan.io/address/0xF6F0A051E4De63D9118A6BC948463A9D08e40A5c) | ### Manta | Contract | Deployment Address | | ----------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------- | | USDz | [0x73d23F3778a90Be8846E172354A115543dF2a7E4](https://pacific-explorer.manta.network/address/0x73d23F3778a90Be8846E172354A115543dF2a7E4?tab=contract) | | sUSDz | [0x8f08A3B5bCEADEF10C0B26c8BB720EBb8fA91758](https://pacific-explorer.manta.network/address/0x8f08A3B5bCEADEF10C0B26c8BB720EBb8fA91758) | | Vault | [0x5A1b8C0e9fE27b9DB4913df6B361deA5e96EA129](https://pacific-explorer.manta.network/address/0x5A1b8C0e9fE27b9DB4913df6B361deA5e96EA129) | | USDz OFT Adapter | [0x04D5ddf5f3a8939889F11E97f8c4BB48317F1938](https://pacific-explorer.manta.network/address/0x04D5ddf5f3a8939889F11E97f8c4BB48317F1938) | | sUSDz OFT Adapter | [0xe31eE12bDFDD0573D634124611e85338e2cBF0cF](https://pacific-explorer.manta.network/address/0xe31eE12bDFDD0573D634124611e85338e2cBF0cF) | ### Treasury | Chain | Deployment Address | | -------- | --------------------------------------------------------------------------------------------------------------------------------------- | | Ethereum | [0x20b15eE712B3c368AF48eA5a59430be93a71eB3b](https://etherscan.io/address/0x20b15eE712B3c368AF48eA5a59430be93a71eB3b) | | Base | [0x18B7d4d572ffbf644cfc2659ED5d2A420e2Ad582](https://basescan.org/address/0x18B7d4d572ffbf644cfc2659ED5d2A420e2Ad582) | | Blast | [0x08FCcC6213Cb3843f8D270C4EefC7A09eb32B354](https://blastscan.io/address/0x08fccc6213cb3843f8d270c4eefc7a09eb32b354) | | Manta | [0x13649B6c7e177fFA373EeEeEf485952843147210](https://pacific-explorer.manta.network/address/0x13649B6c7e177fFA373EeEeEf485952843147210) | # Oracles ### Base | Oracle | Deployment Address | | ------------------------ | ---------------------------------------------------------------------------------------------------------------------------------- | | USDz-USD Price | [0xe25969e2Fa633a0C027fAB8F30Fc9C6A90D60B48](https://basescan.org/address/0xe25969e2fa633a0c027fab8f30fc9c6a90d60b48#readContract) | | SUSDz-USDz Exchange Rate | [0xD89c7fFB39C44b17EAecd8717a75A36c19C07582](https://basescan.org/address/0xD89c7fFB39C44b17EAecd8717a75A36c19C07582) | | Chainlink Documentation | | # Audits

Anzen Audits

At Anzen, we are dedicated to engineering excellence, utilizing all necessary tools to deliver products that excel in performance and safety. We conduct annual audits to ensure the highest standards. In May 2024 we completed audits with [Halborn](https://www.halborn.com/), [Zellic, ](https://www.zellic.io)and [Peckshield](https://peckshield.com). Full Audit Reports can be viewed here: {% embed url="" %} **Halborn** specializes in full-stack security solutions with a team of driven ethical hackers, blockchain specialists, and DevOps professionals. Halborn provides an exceedingly thorough analysis of a blockchain application’s smart contracts. Notably, their clients include Avalanche, Polygon, Mantra DAO, Sushi, Euler and more.\ \ {% file src="/files/VHZ4h2RMCNYvBxDmHG9N" %} **Zellic** is full of world-renowned hackers and infosec leaders, hacking hard targets, exploiting tricky vulnerabilities, and producing excellent research. Zellic specializes in securing emerging technologies with a full vulnerability research process across a wide range of protocols and chains. LayerZero, Jump, Solana Foundation, Pyth, and Berachain are some of their notable clients.\ [https://www.zellic.io](https://www.zellic.io/services)\ {% file src="/files/lwArluMorrxUvXM27hBs" %} **January 2025: $ANZ audit by Zellic** {% embed url="" %} **Peckshield** consists of seasoned security professionals and senior researchers from world-leading security groups at companies such as Qihoo 360, Microsoft, Intel, Juniper, and Alibaba. They've performed security services for Maker Foundation, Starkware, and more.\ [https://peckshield.com](https://peckshield.com/#contact)\ {% file src="/files/50Gl3It5QQo3YgrZ1t6I" %} # Third party integrations Anzen USDz is ERC20 compatible and fully composable. USDz is also compatible with LayerZero Omnichain Fungible Token (OFT) standard for bridging across chains.\ \ A list of protocols and chains that are officially partnered with Anzen will be listed here. Interested in partnering with Anzen? Fill out our [partnership request form](https://airtable.com/appehiyECG8SylNhs/shrgGQ1MVoOLw3DFc).