The stablecoin sector has garnered significant attention recently. Usual’s pre-market price surged from 0.25 U to 0.8 U. The Trump family’s crypto initiative, World Liberty, chose to invest in ENA, while Binance is betting on the stablecoin infrastructure of the Solana chain, Perena. In contrast, the Base chain stablecoin has remained somewhat subdued. This article provides a quick overview of ANZ, detailing its journey from a significant drop to a fourfold increase. Is it a new alpha opportunity or just another fleeting project?

Starting with the Wealth Effect of FJO

In mid-November, the market saw a rebound, and on-chain liquidity began to flow, prompting funds to seek speculative opportunities. The impact of the on-chain new issuance platform, Fjord, was particularly notable in hot sectors like AI Agent, where project odds were exceptionally high, with potential increases of up to 33 times. Projects often sold out within minutes, with some scientists even booking all available quotas. As the wealth effect from these project sales spread, the benefits of open staking and potential airdrops helped the platform token FJO rise from 0.5 U to 1 U.

As a long-standing speculative hotspot, the stablecoin sector attracted considerable interest when Fjord launched the Base chain’s (USDz) stablecoin project — Anzen — on December 2. The token sold out immediately upon launch. However, it faced a sharp decline afterward, dropping from 0.01 U to 0.005 U, but has since rebounded to 0.028 U, suggesting it could be a potential alpha opportunity.

Background Information on Anzen Finance

Anzen is the issuer of USDz, operating in the RWA sector and currently available on four chains, with plans to expand to more by 2025. USDz is set to launch on platforms such as Movement, Berachain, Plume, Mantra, Monad, and Initia. Users holding USDz can earn sustainable returns linked to RWA, similar to projects like Usual, with the underlying assets being treasury yields. By staking USDz tokens, users can obtain sUSDz, allowing DeFi users to achieve sustainable returns and diversify their portfolios, currently offering an annual interest rate of 55.68%.

Anzen’s Secured Private Credit Investment Portfolio

ANZ uses a ve model to manage and develop the Anzen protocol and ecosystem. This includes liquidity incentives, functions for ANZ holders, basic rewards, protocol fees, and voting pool incentives. The public sale of ANZ started on December 2 through the FJO Launchpad at a fixed price of 0.006 U, with a total token supply of 10 billion tokens. The Launchpad accounts for 6.7%, community airdrops for 5%, and ecosystem rewards for 2.7%. Currently, its circulating supply is about 11.6%.

Comprehensive strength

The Anzen Finance team is based in the United States and consists of a credit investment team with over ten years of combined lending experience. Since 2018, they have been researching mechanisms for bringing credit assets on-chain. Their underwriting and custody partner, Percent, has achieved a trading volume of 1.6 billion over the past seven years, with an annual yield (APY) of 16% and a default rate of 2%.

The ANZ project appears to have ample collaborative resources and maintains close relationships with major KOLs and NFT communities. Projects like Doodles and Pudgy Penguins have been involved, indicating that the team is skilled in operational strategies. On December 16, they even changed their avatar to a fat penguin.

Anzen Finance raised 4 million USD in the Fjord launch sales, selling out completely in just 7 minutes.

Additionally, I’ve observed that since its launch, the ANZ project has consistently attracted small amounts of capital, with smart money continuing to buy in, leading to a fourfold increase in the token’s price from its bottom.

The total value locked (TVL) in the entire stablecoin sector has grown from 130 billion at the beginning of the year to 203 billion. With Trump’s return to power and the acceleration of the compliance process, the stablecoin sector still holds significant growth potential. Currently, the Base chain stablecoin is still led by USDC (with a TVL of 3.3 billion), while the third-ranked stablecoin, DOLA, has historically experienced multiple decouplings exceeding 2%. Since its release, USDz has surpassed DOLA to become the second-largest stablecoin on Base, but both its TVL (90 million) and ANZ’s current market value (20 million) remain relatively low, indicating high participation risks.

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