USDz, issued by the Anzen Protocol smart contracts under the governance of $ANZ tokenholders, is a real-world-asset-backed stablecoin that targets a stable value of one U.S. dollar (USD) and is collateralized fully onchain [S1][S2][S3].

Each USDz is backed 1:1 with SPCT, a permissioned token representing a diversified portfolio of U.S.-based private credit securities underwritten and serviced by Percent, a US-licensed broker-dealer, with collateral expanded to include Superstate's USTB and USCC tokenized funds [S2][S4][S5][S6]. USDz itself does not generate yield; holders stake USDz on Ethereum mainnet to receive sUSDz, which accrues auto-compounding RWA-sourced rewards [S1][S7]. Withdrawals for V1 users incur only standard blockchain gas fees [S7].

Anzen is presented as a decentralized platform operating through smart contracts on public blockchains, and is not issued by a single corporate entity [S8]. The documentation states that USDz is not an investment product, not a registered security, and not a deposit, and disclaims any tokenholder claim on the collateral, characterizing USDz as an unsecured credit position to the issuer and the underlying bank [S1][S5][S8]. Direct minting and on-demand redemption are reserved for whitelisted institutions from permitted jurisdictions passing KYC and KYB screening; excluded jurisdictions include the United States, Russia, Iran, North Korea, Cuba, and Syria, among others [S2][S7][S4]. Retail holders exit by trading on permissionless external pools [S2][S4].

USDz and sUSDz use LayerZero's Omnichain Fungible Token (OFT) standard, with native deployments on Ethereum mainnet, Arbitrum, Base, Blast, and Manta, and bridging completing in 3-5 minutes [S1][S7][S9]. Minting is subject to caps once whitelisted [S2][S7]. Pricing is published via onchain oracles on Base referencing Chainlink, and reserves are verifiable on a transparency dashboard [S2][S9].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://anzen.finance" },
    { id: "S2", url: "https://docs.anzen.finance/usdz-101/transparency" },
    { id: "S3", url: "https://anzen.finance/everything-you-need-to-know-about-anz" },
    { id: "S4", url: "https://docs.anzen.finance/usdz-101/overview" },
    { id: "S5", url: "https://docs.anzen.finance/usdz-101/risks" },
    { id: "S6", url: "https://anzen.finance/anz-superstate-funds" },
    { id: "S7", url: "https://docs.anzen.finance/welcome-to-anzen/faq" },
    { id: "S8", url: "https://docs.anzen.finance/llms-full.txt" },
    { id: "S9", url: "https://docs.anzen.finance/developer-resources/smart-contracts.md" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

Stablecoins

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Stablecoin issuers

Anzen

Anzen USDz (USDz) is a U.S. dollar stablecoin issued by Anzen.

Institutions can mint and redeem directly with Anzen in USDC after completing KYC.

USDz has been issued on public blockchains since May 2024 and is native to Ethereum, Base, and Blast.

Anzen USDzUSDz