Stablecoins have long been a cornerstone of the cryptocurrency ecosystem, offering traders and investors a reliable store of value amid volatile markets. While giants like USDC and DAI dominate headlines, new contenders continue to emerge—particularly within niche ecosystems like Base chain. One such project making waves is ANZ, the governance token behind USDz, a real-world asset (RWA)-backed stablecoin gaining traction on Base.
From a rocky start with a post-launch price drop to a 4x rebound from its lows, ANZ has sparked debate: Is this an early alpha opportunity or just another short-lived hype cycle? Let’s dive into the details.
The FJO Launchpad Effect: A Catalyst for ANZ
In mid-November, broader market sentiment began to improve, triggering renewed capital flows into high-potential sectors. Among the platforms benefiting most from this momentum was Fjord Launchpad (FJO), known for its selective project listings and strong community backing.
FJO gained attention for launching projects in trending verticals like AI agents, some delivering returns as high as 33x. As these wins generated excitement, the platform's native token FJO surged from $0.50 to $1.00, reflecting growing confidence in its vetting process and ecosystem strength.
On December 2, Fjord introduced Anzen Finance—the issuer of USDz, a stablecoin built for the Base blockchain. Despite strong pre-launch interest, ANZ suffered a harsh debut, dropping nearly 50% from $0.01 to $0.005 shortly after listing. Many labeled it another rug pull. But instead of fading away, the project quietly rebuilt trust—and price—with strategic moves that caught the eye of "smart money."
👉 Discover how emerging crypto projects gain early traction and deliver outsized returns.
Anzen Finance: Bridging Real-World Assets and DeFi
Anzen Finance operates in the rapidly expanding real-world assets (RWA) sector, where traditional financial instruments—like bonds, loans, and credit—are tokenized and integrated into decentralized finance protocols.
The core product is USDz, a yield-bearing stablecoin pegged 1:1 to the US dollar. Unlike passive stablecoins such as USDC, USDz generates yield by being backed by short-term U.S. Treasury securities and private credit portfolios, similar in structure to projects like Usual.
Key Features of USDz:
- Available across four blockchains, with plans to expand to Movement, Berachain, Plume, Mantra, Monad, and Initia in 2025.
- Users can stake USDz to receive sUSDz, earning a competitive 14.8% annual percentage yield (APY).
- Designed for DeFi users seeking sustainable income and portfolio diversification without sacrificing stability.
This yield mechanism makes USDz particularly attractive in a high-interest-rate environment, where demand for on-chain yield solutions continues to grow.
ANZ Tokenomics: Powering Governance and Growth
ANZ is the native utility and governance token of the Anzen ecosystem. It follows a ve-token model (vote-escrowed), which aligns long-term incentives between holders and protocol development.
Core Functions of ANZ:
- Governance voting on key protocol upgrades and treasury allocations.
- Liquidity mining incentives to bootstrap TVL and trading volume.
- Access to exclusive ecosystem rewards and fee-sharing mechanisms.
- Participation in future airdrop campaigns and community events.
Token Distribution Snapshot:
- Total supply: 10 billion ANZ
- Public sale price: $0.006 per token
- Launchpad allocation: 6.7%
- Community airdrop: 5%
- Ecosystem incentives: 2.7%
- Current circulating supply: ~11.6%
With low initial circulation and structured unlocks, ANZ offers potential for upward pressure if adoption accelerates.
Backing and Credibility: Why Investors Are Paying Attention
Anzen Finance isn’t flying under the radar. In fact, it has secured significant institutional support.
According to The Block, Anzen raised $4 million in seed funding to advance its RWA-backed stablecoin infrastructure. Investors include top-tier firms such as:
- Mechanism Capital
- Circle Ventures
- Frax
- Arca
- Infinity Ventures
- Cherubic Ventures
- Palm Drive Ventures
- M31 Capital
- Kraynos Capital
This level of backing underscores confidence in both the team and the long-term viability of their RWA strategy.
Experienced Team with On-Chain Credit Expertise
The Anzen team hails from Taiwan and brings over a decade of experience in joint lending and credit underwriting. Since 2018, they’ve focused on developing frameworks for bringing credit assets on-chain.
Their primary partner for underwriting and custody is Percent, a well-established platform with:
- Over $1.6 billion in total transaction volume
- Historical APY of 16%
- A remarkably low default rate of just 2%
This operational track record adds credibility to USDz’s yield claims and risk management framework.
Community & Ecosystem Engagement
Beyond fundamentals, Anzen has shown savvy marketing instincts. They’ve cultivated relationships with major Web3 influencers and NFT communities such as:
- Doodles
- Pudgy Penguins
In fact, on December 16, Anzen updated its official profile image to feature a Pudgy Penguin—clearly signaling alignment with blue-chip NFT culture.
Additionally, on-chain analytics show consistent small buys from wallets associated with “smart money,” indicating sustained accumulation despite market noise.
Market Position: Can ANZ Challenge USDC on Base?
As of early 2025, the total value locked (TVL) in the stablecoin sector has grown from $130 billion to over $203 billion, fueled by macro tailwinds including potential regulatory clarity under a Trump administration and increased institutional adoption.
On Base chain specifically:
- USDC remains dominant with a TVL of $3.3 billion
- Historically, DOLA was the second-largest stablecoin but suffered multiple de-pegs exceeding 2%
- Since launch, USDz has overtaken DOLA to become the second-largest stablecoin on Base, with TVL reaching $90 million
Despite this progress, both USDz and ANZ remain relatively small in scale:
- ANZ market cap: ~$20 million
- Low TVL compared to leaders
This suggests high growth potential—but also elevated risk for early participants.
Frequently Asked Questions (FAQ)
Q: What is ANZ?
A: ANZ is the governance token of Anzen Finance, the protocol behind USDz—an RWA-backed, yield-generating stablecoin on Base chain.
Q: How does USDz generate yield?
A: USDz is backed by real-world assets including U.S. Treasuries and private credit portfolios managed through Percent, offering users up to 14.8% APY when staked as sUSDz.
Q: Is ANZ a good investment?
A: While early indicators are positive—including strong funding, experienced team, and growing TVL—ANZ is still high-risk due to low market cap and limited adoption history.
Q: Where can I buy ANZ?
A: ANZ is available on select decentralized exchanges (DEXs) on Base chain. Always verify contract addresses before trading.
Q: What chains support USDz?
A: Currently live on four chains, with expansion planned to Movement, Berachain, Plume, Mantra, Monad, and Initia in 2025.
Q: Did ANZ rug after launch?
A: Though ANZ dropped sharply post-launch—a common occurrence in speculative markets—it has since recovered over 4x from its low, supported by fundamentals and smart-money inflows.
Final Thoughts: Alpha Opportunity or Hype?
ANZ represents a compelling intersection of trends: the rise of RWA tokenization, yield-seeking behavior in DeFi, and ecosystem-specific growth on Base chain.
With strong institutional backing, experienced founders, credible yield sources, and growing community engagement, it’s more than just another meme coin. However, its small size means it’s vulnerable to volatility and sentiment shifts.
For risk-tolerant investors looking for asymmetric upside in emerging DeFi ecosystems, ANZ could be worth monitoring closely.
👉 Stay ahead of the next big move in DeFi with real-time market insights and data-driven analysis.