Anzen V2

Anzen issues USDz against SPCT, a permissioned token representing a curated portfolio of U.S. private-credit asset-backed securities, and routes portfolio income to holders who stake USDz for sUSDz. USDz holders have no direct legal relationship with or claim on the disclosed collateral. The 2026-08-16 survey measured about $7.89M across Base, Ethereum, Manta, Arbitrum and Blast. The off-chain borrowers, servicers, legal vehicles, collections and discretionary eligibility process are more fundamental than size, so the version-1 off-chain-credit dossier controls.

Review triggers: events that reopen the verdict
• Publishes position-level collateral, legal claims and seniority, counterparties, reconciled cash and custody, concentration, default and recovery history, and a tested proposed-size stressed redemption

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-16.

The research file

Mechanism applicability

Anzen describes USDz as a stable token minted one-for-one against SPCT, a permissioned representation of tokenized private-credit assets. USDz itself does not accrue the portfolio yield; users stake it for sUSDz, whose value rises as rewards enter the staking contract. The underlying portfolio is therefore the economic source of principal support and yield rather than incidental marketing.

Credit, control and legal applicability

Anzen says a Credit Committee approves sponsors and eligibility criteria, while an independent verification agent tests submitted assets. Published criteria call for U.S. asset-backed securitizations, first- or second-lien security interests, surveillance, controlled collections and overcollateralization tests. Those policies do not disclose every current obligor, vehicle, lien, custodian, servicer balance, default, recovery or conflict. Anzen expressly states that USDz holders have no relationship with or claim on the collateral assets.

Current perimeter and exit

The DefiLlama API read on 2026-08-16 reported approximately $7.89M: $6.51M Base, $0.78M Ethereum, $0.49M Manta, $0.08M Arbitrum and $0.04M Blast. The adapter counts circulating USDz on each chain and an Ethereum SPCT supply rather than audited net asset value. Anzen documents direct mint and redemption only for approved, KYC/KYB-whitelisted institutions in permitted jurisdictions; other holders depend on external liquidity, while sUSDz must first be unstaked.

Why the class rule decides

A diversified pool does not remove borrower, sponsor, servicer, legal-enforcement, valuation, collection-timing and redemption-liquidity risk; it aggregates those risks behind USDz and sUSDz. The shared version-1 off-chain-credit dossier therefore controls regardless of current scale. Reopen only after position-level holdings, legal claims and seniority, counterparties, independently reconciled cash and custody, concentration, defaults and recoveries, and a proposed-size stressed redemption are decision-grade.

Class rule

The off chain credit class is outside the approved structures, so every protocol in it is not approved until the rule changes. The rule is about the structure, not an adverse finding about this protocol, and it is not a client instruction. The events that would reopen it are listed with the memo.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Anzen Docs — backing assets and holder claim boundary · primary · accessed 2026-08-16
  Supports: private-credit portfolio, ABS collateral, diversification, no holder claim
• Anzen Docs — collateral eligibility and verification · primary · accessed 2026-08-16
  Supports: Credit Committee, eligible sponsors, third-party verification, criteria governance
• Anzen Docs — detailed private-securitization criteria · primary · accessed 2026-08-16
  Supports: security interest, surveillance, collections account, overcollateralization, originator history
• Anzen Docs — USDz issuance, access and peg mechanism · primary · accessed 2026-08-16
  Supports: SPCT backing, institutional whitelist, KYC and KYB, external liquidity
• Anzen Docs — staking and sUSDz reward flow · primary · accessed 2026-08-16
  Supports: USDz staking, sUSDz receipt, reward accrual, unstaking
• DefiLlama adapter — Anzen V2 multi-chain supplies · secondary · accessed 2026-08-16
  Supports: USDz supply, SPCT supply, Ethereum, Base, Arbitrum, Manta, Blast
• DefiLlama — Anzen V2 survey record · secondary · accessed 2026-08-16
  Supports: current TVL, chain perimeter, RWA category

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.