USDA, issued by Anzens Inc., is a fiat-backed payment stablecoin native to the Cardano blockchain that is pegged 1:1 to the U.S. dollar (USD) and represents a redeemable claim against segregated reserves [S1][S2].

Holders receive a token tracking the U.S. dollar at a 1:1 peg, backed 100% by reserves comprising cash, cash equivalents, U.S. Treasury Bills of varying durations, and U.S. Treasury-focused money market funds [S1][S2]. No yield, interest, or return is passed through to holders [S1][S3]. Minting requires a minimum 4 ADA network fee, redemption incurs a gas fee, and domestic wires cost 30 USD while international wires cost 70 USD [S1][S4].

Anzens Inc. is a Delaware corporation that states it is Money Service Business (MSB) authorised and holds 17 U.S. state no-objection letters, operating under the GENIUS Act of 2025, the Bank Secrecy Act (BSA), and OFAC standards [S1][S2][S5]. USDA is a payment stablecoin that is not money, fiat currency, or legal tender [S1]. Minting and redemption require KYC or KYB verification via SumSub, with geographic and U.S. tax residency restrictions and sanctions-based exclusions [S4][S5]. USDA is redeemable 1:1 for USD, with a 1,000 USD minimum deposit; reserves are held by BitGo Trust Company, Inc. in segregated accounts [S1][S2][S4].

USDA is a Cardano-native asset, with onchain fees paid in ADA [S2][S4]. Users deposit USD by bank transfer to mint, settling the same business day, and burn USDA to redeem USD credited within 2 business days [S1][S4]. The token can also be traded via the Anzens portal, Cardano decentralized exchanges, and centralized exchanges [S2].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://anzens.com/landing/terms-and-conditions" },
    { id: "S2", url: "https://anzens.com" },
    { id: "S3", url: "https://www.anzens.com/" },
    { id: "S4", url: "https://anzens.com/early-access" },
    { id: "S5", url: "https://anzens.com/landing/aml-cft-compliance" },
  ]}
/>


# Asset redemptions methodology

## 1. Overview

The total value of tokenized assets that are burned or returned to issuer-controlled addresses in exchange for offchain collateral assets is measured by the asset redemptions metric. User demand to exit asset positions and reclaim backing collateral is reflected by this metric. Daily redemption volumes are aggregated across all supported blockchains and converted to USD using end-of-day price feeds. A comprehensive view of capital outflows from tokenized assets is provided by this metric.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token burn instructions and balance changes
- **Non-EVM chain events**: Native token burn events, transaction net flows, and asset pallet events covering Algorand, Cardano, Injective, Near, Polkadot Asset Hub, Ripple, Stacks, Stellar, and Sui
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract raw redemption and burn events

- **Purpose**: Token destruction or return to issuer custody across all supported blockchains is identified.
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the recipient is the zero address or the dead address. On Solana, SPL token `Burn` instructions are parsed. On Algorand, token transfers to non-circulating configuration addresses (such as creator or reserve addresses) are extracted. On Cardano, negative token deltas are derived from transaction outputs and inputs. On Injective, token transfers with a burn event type are selected. On Near, token burn events are extracted. On Polkadot Asset Hub, `Burned` events from the assets pallet are parsed. On Ripple, transaction net flows that result in issuer inflows are identified. On Stacks, token transfers where the recipient address is null are parsed. On Stellar, SEP-41 `sep41_burn` events are extracted. On Sui, negative deltas are derived from total supply changes of treasury control objects.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (raw quantity)

### Component B: Apply premint corrections

- **Purpose**: Raw burn volumes are adjusted to exclude non-circulating token movements and include circulation exits.
- **Logic**: For supported assets, raw burn volumes are adjusted by subtracting preburns and adding premint redemptions. Preburns, which represent tokens burned directly from issuer-controlled premint addresses without ever entering circulation, are subtracted from the total. Premint redemptions, which represent transfers from circulating addresses back into premint addresses, are added to the total as they represent assets exiting active circulation.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (corrected quantity)

### Component C: Normalization and USD conversion

- **Purpose**: Token quantities are normalized by decimal precision and converted to USD.
- **Logic**: Daily token-denominated redemption amounts are aggregated by timestamp, chain, and token address. These amounts are normalized by decimal precision retrieved from token metadata. The normalized redemption amounts are then multiplied by end-of-day price feeds sourced from market data providers to calculate the final USD-denominated redemption value. If no redemptions occur on a given day, the daily value is filled with zero values.
- **Key fields**: `timestamp` (day), `chain_id` (blockchain identifier), `token_address` (asset contract address), `amount` (normalized token quantity), `price_usd` (asset price), `value` (USD-denominated redemption value)

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

Value of assets redeemed or burned for underlying collateral.

Asset redemptions

Stablecoins

Anzens issues fiat-backed stablecoins on Cardano, maintaining 1:1 USD reserves for its USDA stablecoin.

Anzens is the issuer of USDA, a fiat-backed U.S. Dollar stablecoin native to Cardano. USDA is designed for the Cardano DeFi ecosystem and is backed by regulated USD reserves.

Anzens is a Cardano-native stablecoin issuer backed by EMURGO, a founding entity of the Cardano blockchain.

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Stablecoin issuers

Anzens

Anzens USDA (USDA) is a U.S. dollar stablecoin issued by Anzens through Anzens Inc.

Each token is a direct claim on the issuer.

Retail investors, professional investors, accredited investors, qualified investors, and qualified purchasers can mint and redeem directly with Anzens in USD after completing KYC.

Anzens Inc. is incorporated in the United States.

Holder terms are governed by the law of Delaware in the United States.

USDA has been issued on Cardano as a Cardano native asset token since January 2025.

Anzens USDAUSDA