AZND, issued by Mu Digital, is a credit-backed U.S. dollar (USD) yield token forming the senior, capital-stable tranche of an onchain credit protocol that channels Asia-Pacific fixed-income and private-credit returns to tokenholders. [S1][S2]

AZND is minted 1:1 against USDC, USDT, or AUSD and references the U.S. dollar (USD). [S2] Yield derives from real borrowers across Asian government, bank, corporate, and high-yield bonds plus private credit, with AZND receiving roughly 80 to 90 percent of net pool yield. [S1][S3] AZND is non-yield-bearing until locked into an ERC-4626 vault (loAZND), which accrues additional tokens weekly. [S4] A performance fee of 10 percent of realized net yield applies; minting and redemption fees are zero. [S5]

Mu Digital operates the protocol in partnership with Golden Hill Asset Management (GHAM), a Singapore-regulated fund manager managing the underlying portfolio. [S3] AZND is a senior credit-backed USD yield token protected from losses by the muBOND first-loss tranche and an insurance fund, with overcollateralization near 118 percent. [S1][S6][S7] Direct minting and redemption require KYC clearance and are limited to approved counterparties; permissionless secondary trading is available via DEX partners. [S2] Redemptions enter a weekly queue settling in approximately 7 calendar days via the Singapore fund partner, paid in stablecoin, with sub-threshold amounts processed immediately from an onchain liquidity buffer. [S2][S8] Locked AZND is not lent out or rehypothecated. [S4]

AZND is an ERC-20 token issued natively on Ethereum and Monad, with the loAZND lock vault implemented as ERC-4626. [S9][S4] Users transfer USDC, USDT, or AUSD and receive AZND 1:1 almost instantaneously to their wallet. [S2] NAV accounting for the asset pool reserves is provided by Pennyworks, and the protocol publishes proof-of-reserves reporting. [S10][S7]

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  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.mudigital.net/protocol-overview/how-it-works.md" },
    { id: "S2", url: "https://docs.mudigital.net/protocol-overview/asia-dollar-aznd/mint-redeem.md" },
    { id: "S3", url: "https://docs.mudigital.net/mechanics/how-we-generate-yield.md" },
    { id: "S4", url: "https://docs.mudigital.net/protocol-overview/asia-dollar-aznd/locking.md" },
    { id: "S5", url: "https://docs.mudigital.net/mechanics/fees.md" },
    { id: "S6", url: "https://docs.mudigital.net/mechanics/price-stability-mechanism.md" },
    { id: "S7", url: "https://mudigital.net/" },
    { id: "S8", url: "https://docs.mudigital.net/protocol-overview/mubond/mint-redeem.md" },
    { id: "S9", url: "https://docs.mudigital.net/technical-reference/smart-contract-architecture/smart-contract-addresses.md" },
    { id: "S10", url: "https://docs.mudigital.net/mechanics/transparency-and-reporting.md" },
  ]}
/>


Stablecoins

Mu Digital tokens are minted against USD-equivalent reserves and underlying credit-strategy positions; secondary liquidity is provided via Monad-native AMMs and DEXes (Curve, Balancer V3, Uniswap V4).

Mu Digital issues a suite of Monad-native tokenized assets including the AZND USD-stablecoin, the muBOND yield-bearing credit-fund token, and the LOAZND locked yield product.

Mu Digital is a tokenization platform building on-chain fund and stablecoin infrastructure, deploying institutional products on the Monad blockchain.

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Real-world asset (RWA) issuers

Mu Digital

Mu Digital AZND (AZND) is a U.S. dollar stablecoin issued by Mu Digital.

Holders can mint and redeem directly with Mu Digital in USDC, USDT, and AUSD after completing KYC.

AZND has been issued on Monad as an ERC-20 token since November 2025.

Mu Digital AZNDAZND

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