- The company behind the USDz digital currency, Anzen Finance, has raised $4 million in seed money from companies like Mechanism Capital, Circle Ventures, Frax, Arca, and others.
- USDz is collateralized by cash-flowing real world assets (RWAs), and it can be staked across several DeFi protocols.
The company that is issuing the digital dollar, USDz, Anzen Finance, has raised $4 million in seed money.
Mechanism Capital, Circle Ventures, Frax, Arca, Infinity Ventures, Cherubic Ventures, Palm Drive Ventures, M31 Capital, Kraynos Capital, and others took part in the investment round.
The seed money makes up all of the company’s previous funding. Ben Shyong, the founder of the company, said that Anzen’s board of directors will remain unchanged after the investment round.
According to the press announcement, Anzen enables users to mint USDz, which is backed by a diverse portfolio of private credit assets.
USDz is collateralized by these cash-flowing RWAs, and the token can be staked across several other DeFi protocols. Both the Layer 2 network base and Layer 1 Ethereum are operational with Anzen.
With the additional funding, the firm hopes to expand the range of blockchains and protocols that support USDz, increasing the opportunities for users to earn incentives with the currency.
According to Shyong, we’ll concentrate on USDz adoption and innovative use cases across partner protocols and different chains.
As a result, Anzen users will have lots of chances to earn incentives from a variety of dApps as USDz holders. For instance, holders of USDz can receive Aero rewards on Base through the USDz-USDC liquidity pair on Aerodrome.
With a total value locked of around $726 million, Aerodome is the leading decentralized exchange on Base and the sixth-ranked DEX overall, according to data from DeFiLlama.
The increase in RWAs
According to the cryptocurrency price tracker CoinGecko, on May 27, the market capitalization of RWA-aligned tokens was $9.05 billion. After reaching a $5.54 billion market capitalization on March 21, the market capitalization increased by 64% in the following two months.
Ethereum is the most widely used chain for RWA tokenization, with 43.26 billion as of May 24. Tron, with $483.4 million held, is in second place.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
