---
title: "Mu Digital AZND (AZND) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/aznd-mu-digital/"
description: "Build-time stablecoin profile for Mu Digital AZND (AZND). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-03"
---



# Mu Digital AZND (AZND)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

AZND is Mu Digital's KYC-gated, NAV-bearing dollar token backed by a Singapore-regulated Asia credit fund, with a muBOND junior tranche absorbing first losses — structured credit dressed as a stablecoin. Mu Digital's AZND wraps an Asian credit fund into a {{term:yield-bearing}}yield-bearing{{/term}} stablecoin on Monad, managed by Singapore-regulated Golden Hill Asset Management with a muBOND junior tranche providing {{term:overcollateralization}}overcollateralization{{/term}} — it is a structured credit product wearing a stablecoin's clothing. Accountable's real-time dashboard currently shows reserves concentrated in short-term cash (81%) and liquid bonds (19%), a notably more conservative posture than the published mandate targeting up to 20% illiquid private credit. The report card sits at a C, and the discount is earned: the single-chain Monad deployment, concentrated DEX liquidity (HHI of 0.72 across just 2 pools), and weekly KYC-gated {{term:redemption}}redemptions{{/term}} settling over days mean exit options are genuinely constrained, which drags liquidity into D-grade territory. Supply has contracted roughly 20% in the past week alone, suggesting early holders are testing those redemption mechanics in practice. AZND targets a real gap — institutional Asian credit exposure on-chain — but the question is whether DeFi-native capital will accept fund-style lockups for single-digit yields.

## Collateral

Accountable currently shows the Asset Pool concentrated in short-term cash and liquid bonds; Mu Digital's published mandate still targets an Asia credit portfolio with illiquid private credit capped at 20%, and the muBOND junior tranche overcollateralizes AZND at ~118%

## Peg Mechanism

KYC-gated 1:1 mint using USDC, USDT, or AUSD; redemptions processed weekly (~7 calendar days) per Singapore fund liquidity calendar; muBOND junior tranche absorbs NAV losses first; insurance fund provides additional backstop; permissionless secondary swaps via DEX partners on Monad

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| Singapore | Monetary Authority of Singapore (MAS) | Portfolio managed by Golden Hill Asset Management (GHAM) under MAS Capital Markets Services Licence CMS-101035; assets held in a regulated fund vehicle |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x52c66B5E7f8Fde20843De900C5C8B4b0F23708A0` | 18 |
| monad | `0x4917a5ec9fcb5e10f47cbb197abe6ab63be81fe8` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/aznd-mu-digital.