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Anzen Finance
Anzen Finance
Anzen Finance is a decentralized finance (DeFi) protocol that focuses on bringing real-world assets (RWA) on-chain, primarily through its RWA-backed stablecoin, USDz. The protocol aims to provide stable yields and utility within the crypto ecosystem by collateralizing its stablecoin with institutional-grade private credit assets. Anzen Finance operates on multiple blockchain networks, leveraging cross-chain technology to enhance accessibility and composability. [1] [2]
Overview
Anzen Finance was established with the goal of bridging traditional finance (TradFi) and decentralized finance (DeFi) by tokenizing real-world assets. The protocol's core product is USDz, a stablecoin designed to maintain a stable value relative to the US dollar by being fully backed by a diversified portfolio of cash-flowing, overcollateralized private credit securities. This approach seeks to offer investors yields that are uncorrelated with cryptocurrency market volatility.
The protocol emphasizes the safety and utility of USDz. Safety is addressed through the backing by private credit assets that feature protective traits such as collateral and covenants. Utility is provided by USDz's composability, allowing it to be integrated into various DeFi protocols for activities like trading, lending, and staking. Anzen Finance has also introduced its native token, ANZ, which serves a governance function within the ecosystem.
Key developments in the Anzen Finance ecosystem included the introduction of an OTC market to empower market makers and strengthen USDz stability, the implementation of a dual liquidity system aimed at providing a reliable pathway to convert USDz back to USDC, and the expansion of collateral backing with institutional fund products. The ANZ token was made claimable in December 2024 following a launchpad event and airdrop. [1] [2] [3] [4]
USDz Token
USDz is presented as an on-chain dollar token backed by real-world assets. Its primary function is to serve as a stable store of value and medium of exchange within the DeFi ecosystem, aiming for a price peg of 1 USD [1].
The backing of USDz consists of a diversified portfolio of institutional-grade private credit securities. This market, particularly in the United States, is noted as a multi-trillion dollar sector offering opportunities for consistent, fixed-rate yields. Specific types of private credit assets mentioned as collateral include SMB Merchant Receivables, SMB Financing (such as Factored Invoices and PO Financing), Discounted Receivables (like Litigation Finance), Auto Lease Financing, SMB Leases, Secured Mobile App Financing, and Installment Lending. These assets are selected and managed by an established and licensed partner with a history in private credit deals, supported by an executive team with experience from major financial institutions.
The stability mechanism for USDz relies on arbitrage opportunities on decentralized exchanges. If USDz trades below 1 USD, traders are incentivized to buy it at a discount, creating buying pressure that pushes the price towards the peg. Conversely, if USDz trades above 1 USD, Qualified Market Makers can mint new USDz tokens with Anzen at a 1:1 USDz/USDC ratio and sell them on exchanges, creating selling pressure that helps return the price to 1 USD. This mechanism is intended to keep the market price of USDz close to its 1 USD target.
USDz is designed to be fully composable, allowing for seamless integration and functionality across the crypto ecosystem. Its utility extends to participation in DeFi protocols, trading on decentralized exchanges, and use for payments. Staking opportunities for USDz are available across various DeFi platforms, offering holders the potential to earn rewards from the underlying RWA yields. [1]
ANZ Token
The ANZ token is the native cryptocurrency of the Anzen Finance ecosystem. Its primary utility is centered around governance, allowing holders to participate in the decision-making processes related to the protocol.
According to data from July 2025, the ANZ token has a total supply and maximum supply capped at 10,000,000,000 tokens. The circulating supply is approximately 851,132,749 tokens. The market capitalization is calculated based on the current price and the circulating supply. The fully diluted valuation (FDV) represents the theoretical market cap if the entire supply were in circulation.
ANZ tokens can be traded on decentralized exchanges. Prominent exchanges where ANZ is traded include Aerodrome (Base) and Uniswap V3 (Base), typically paired with WETH. [2] [3] [4] [5]
Technology
Anzen Finance utilizes smart contracts to manage the USDz stablecoin and the underlying protocol operations. These smart contracts have undergone security audits by multiple firms, including Zellic, Peckshield, and Halborn, with audit reports available for review [1].
The USDz token is compatible with LayerZero's Omnichain Fungible Token (OFT) standard. This compatibility enables USDz to be bridged between different blockchain networks, facilitating its use across a wider range of ecosystems as an omnichain stablecoin. Bridging can be performed directly through the Anzen website, with transactions typically taking a few minutes [1].
It is noted that the ANZ token contract is a proxy contract. This type of contract allows the contract owner to make code changes, which could include modifications to functionalities such as disabling sells, changing fees, or minting and transferring tokens. Users are advised to exercise caution due to the potential for contract modifications by the owner. [2]
Use Cases
The primary use cases for Anzen Finance and its USDz token revolve around providing stable, RWA-backed yields and facilitating participation within the broader DeFi ecosystem.
- Staking and Yield Generation: Holders can stake USDz on various DeFi platforms to earn rewards derived from the yields generated by the underlying private credit assets. These yields are described as uncorrelated with crypto market exposure and non-cyclical.
- DeFi Integration: USDz's composability allows it to be used across a wide range of DeFi protocols for activities such as lending, borrowing, and yield farming. This enables holders to optimize their portfolios and leverage the stability of USDz within decentralized applications.
- Trading: USDz can be traded on decentralized exchanges, providing liquidity and enabling users to swap it for other cryptocurrencies, including stablecoins like USDC and USDT.
- Payments: As a stablecoin, USDz can be used for payments within the crypto ecosystem, benefiting from its stability and potential for widespread acceptance. [2] [3] [1]
Anzen Finance has established partnerships and received backing from various entities within the blockchain and traditional finance sectors. The protocol lists several partners within its ecosystem, including Aerodrome, Beefy Finance, Base, Circle, Movement Labs, and Extra Finance.
The project is also supported by a group of investors and backers, including Circle Ventures, Mechanism Capital, Frax Finance, Tribe Capital, Infinity Ventures, and other venture capital firms and angel investors. The collaboration with an established and licensed partner for underwriting and custody of private credit assets is also a key relationship. [1] [2]
Anzen Finance's smart contracts have undergone security audits by independent firms to assess their robustness and identify potential vulnerabilities. The protocol lists Zellic, Peckshield, and Halborn as auditors that have reviewed its smart contracts. Audit reports are available for public access. [1]
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