YZUSD

Yuzu USD (YZUSD)

· 56/100as of 2026-10-25

yzUSD is Yuzu's KYC-gated base dollar on Plasma, minted 1:1 with USDT0; yield accrues through the separate syzUSD wrapper.

Updated —

USD-Pegged Crypto-Backed Centralized-Dependent

Price

$0.9987

N/A

Market cap

$55.64M

+0.00% 24h

Supply

55.72M YZUSD

-5.88% 7d

-5.09% 30d

DEWSCalm14/100 · as of 2026-10-25

Peg

Liq53as of 2026-10-25

30d Excess

Price

$0.9987

N/A

Market cap

$55.64M

+0.00% 24H

Supply

55.72M YZUSD

-5.88% 7D · -5.09% 30D

30d Excess

MechanismCrypto CDPMintingGoverned CDP FreezeYesChains2 JurisdictionNot disclosed AttestorNiche

MintingGoverned CDP FreezeYesChains2 JurisdictionNot disclosed AttestorNiche

KYC-Gated Senior Tranche on Plasma

yzUSD is Yuzu's KYC-gated base dollar on Plasma, minted and redeemed against USDT0 by accredited, qualified, or institutional investors, with yield routed to the separate syzUSD wrapper. The token is the senior claim on a pooled strategy book, and the yzPP junior tranche absorbs first losses. Yuzu's Accountable dashboard shows a leveraged stablecoin carry book: in the split Pharos last reviewed, Ethena USDe loops were the largest line at close to a third, followed by Sky USDS staking and a spread of Aave, Maple, Agora, Superstate, and PayPal USD loop positions, with a small USDT0 liquidity buffer, and nearly every slice is classed high risk. That composition does not reach the fixed scoring input, so backing is scored on limited evidence within the C overall grade. The V3 contract installed on 31 August 2026 pays redemptions at the lower of an administered stored NAV and par, so the 1:1 target is not an unconditional conversion. That privileged pricing makes economic control the weakest pillar, even with upgrades behind a 48-hour timelock and limit changes behind a 12-hour one. The peg line on the card is strong, but with minting and restricted to eligible investors, that record reflects who is allowed to sell as much as how the book performs.

Claims as of 2026-10-19

Updated 2026-10-19 · AI summary · drafted by claude-opus-5-5 · facts as of 2026-10-19

AI policy

CeFi-Dependent|Compare

Backing evidence

YZUSD

Overcollateralized

110.8%vs supply

Review notes & sources (4)

First loss coverage share: 9.9%

Reviewed gaps

Liquidation capacity ratioNot applicable
yzUSD is minted and redeemed 1:1 against USDT0 by KYC-gated eligible investors; the design has no borrower positions, auctions, or dedicated liquidation pool - losses are absorbed by the yzPP first-loss tranche and Reserve Fund, not by debt-offset liquidations.Source
Liquidation mechanicsNot applicable
yzUSD originates no borrower positions and operates no liquidation pool; mint/redeem is 1:1 against USDT0 and loss absorption sits with the yzPP first-loss tranche and Reserve Fund.Source

Yuzu yzUSD documentation (1:1 USDT0 mint/redeem gated to eligible KYC'd investors; PoR backing claim)

Reviewed 2026-07-20

Exit evidence

Redemption route · Waiting for section

Redemption evidence loads when the Risk section approaches the viewport.

Control evidence

YZUSD

Mint Authority

Users mint YZUSD against collateral under governance, controlled by a contract; admin powers are only partly bounded.

Confidence: Manual reviewControl posture: Multisig controlled

Control map

IssuerGoverned CDP

ControlsDirect minterProxy admin timelock2d timelockProxy admin Safe4/5

SupplyYZUSDPartially bounded admin

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (4)

yzUSD collateral-funded issuance contract
Direct minter / Contract
plasma / 0x6695c0...7926dc
MintCap-limited
YuzuUSDV3 mint/deposit enforce the supply cap and call YuzuIssuer._deposit, which transfers the required USDT0 from the caller before __yuzu_mint. MINTER_ROLE only qualifies the receiver. LIMIT_MANAGER_ROLE can raise the supply ceiling separately; the 12-hour restriction manager can change receiver eligibility but cannot bypass the collateral transfer.
yzUSD upgrade timelock (48 hours)
Proxy admin / Timelock
plasma / 0x213045...b7cfbc
MintUpgrade-onlyDelay2d timelock
yzUSD upgrade proposer Safe (4-of-5)
Proxy admin / Safe
plasma / 0xa2a970...6f203d
MintUpgrade-onlySetupSafe, 4/5 thresholdSafe modules/guardModules or guards unknown
yzUSD limit/restriction timelock (12 hours)
Minter admin / Timelock
plasma / 0x5f3d29...86b78c
MintParameter-onlyDelay12h timelock

Review notes & sources (13)

yzUSD issuance requires USDT0 transfers from the caller before calculated shares are minted. MINTER_ROLE is receiver eligibility, not an arbitrary token-mint privilege: the earlier block 33896709 census of 101 eligible accounts (97 no-code, four contracts) does not establish 101 independent unbacked issuance paths. The current V3 implementation and collateral-funded path were reverified at Plasma block 33932322. Upgrades remain behind the reviewed 48-hour timelock and limit/restriction parameters behind the reviewed 12-hour timelock; stored NAV remains privileged internal pricing. Fordefi manages protocol collateral operations, not investor eligibility keys.

Control posture

Material control is classified as requiring approval from a defined group of signers through a multisignature account.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

Reviewed 2026-10-03

YZUSD

Privileged internal pricing

YZUSD mint and redeem quotes rely on a privileged internal price.

Oracle review: Verified

Pricing path

SourcesUndisclosed

AggregatorPrivileged internal pricing

ConsumerMint / redeem quote

Review notes & sources (3)

At Plasma block 33896709, yzUSD uses the YuzuUSDV3 implementation. Mint and redemption conversions apply a stored NAV capped at par. Its configured facet gates setNav and setNavUpdateInProgress with NAV_MANAGER_ROLE; NAV changes normally have a one-day cooldown and 10% step cap, with markdown-step exemptions. The live NAV was 1e18 and navLastUpdate was zero. This is a privileged top-level internal valuation path, not an oracleless product; no external feed or borrower-specific liquidation branch is identified in this path. The from-deployment grant census found no active NAV_MANAGER_ROLE recipients at this block. On-chain getRoleAdmin assigns NAV_MANAGER_ROLE to ADMIN_ROLE, held by the 12-hour manager timelock 0x5f3d29ef17700f8658c566dac7fbd76e0d86b78c, which can grant the pricing role.

Reviewed 2026-10-01

YZUSD

Mixed tiers

2 routes on 2 chains, 2 tiers, largest native (1); weakest external lock & mint. 1 third-party (50%).

Confidence: Verified

Routes by chain (2)

Equal widths, supply split unavailable

Review notes & sources (9)

The review rates the inventory native overall, better than its weakest listed route (external lock & mint).

yzUSD's only material deployment is native issuance on Plasma. DefiLlama still reports ~24 yzUSD on a legacy Monad LayerZero OFT (0x9dcB0D17eDDE04D27F387c89fECb78654C373858), but peers(eid) returns zero for all probed endpoint ids on the Monad OFT (re-verified 2026-07-20 at block 88919965) and Yuzu announced it replaced LayerZero with Chainlink CCIP as its exclusive cross-chain infrastructure. The dormant Monad residue is inventoried as a reviewed subthreshold retired route and excluded from material tiering.

Reviewed 2026-07-22

YZUSD

Freezable

A reviewed issuer or protocol control can freeze or seize this token in holders' wallets.

Sourced review

Power and scope

PowerFreezable

ScopeCanonical · Restrictable

Reviewed deployments (1)

PlasmaCanonical · Restrictable

Transfer posture reviewed 2026-07-17.

Review notes & sources (10)

Plasma accounts for effectively 100% of circulating yzUSD; Monad contributes 23.7481632850 units, about 0.0000403%. At plasma@35449083 (2026-10-19T06:14:23+00:00; hash 0xd69ea5d44c866b167b5821842f992d56b29ea210add10fdb9d12999b97f48667; observed 2026-10-19T06:19:28.531004+00:00) via https://rpc.plasma.to, canonical proxy 0x6695c0f8706c5ace3bdf8995073179cca47926dc still resolves to verified YuzuUSDV3 0x8e02392855a51d9d5d18d71a7cfc731f56c68ea5. The V3 facet is 0x978b32904b361f22d7338692feb6b9cd8ad1887e. Current isRedeemRestricted()=true and paused()=false. Verified inherited YuzuProtoV2.canRedeem/canCreateRedeemOrder deny owners lacking REDEEMER_ROLE; V3 instant exits and facet-created redeem orders enforce the corresponding owner limits. This is an active holder exit allowlist: syzUSD vault 0xc8a8df9b210243c55d31c73090f06787ad0a1bf6 holds 58,545,215.944134340535783031 yzUSD units but has no REDEEMER_ROLE and canRedeem(vault)=false. RESTRICTION_MANAGER_ROLE and ADMIN_ROLE are both assigned to 12-hour TimelockController 0x5f3d29ef17700f8658c566dac7fbd76e0d86b78c; the current 3-of-5 Safe 0xe61ad2de346db42879b6ee3c7cf0c6a2cdc0530d has proposer/executor/canceller roles there, so role revocation can target an existing holder. Under the reviewed exit-gate rule this qualifies as Yes. Ordinary ERC-20 transfers are not blacklisted: V3's _update tracks same-block received shares for redemption eligibility, while V2 burn consumes only the caller's own tokens. Independently, ProxyAdmin 0x6ccfd86ee6f0ceaa4946612a9faae257c064d2aa remains owned by 48-hour timelock 0x2130457539612ae9838e0314cda1a8abbdb7cfbc, so token implementation mutability would be Possible even without the active exit gate. Hypernative interaction blocking and Fordefi Sentinel wallet withdrawals do not prove transfer interception and are not the verdict basis. Upstream reserve controls are separate and do not supersede a direct verdict. Monad's live upgrade controls are below the materiality threshold.

Reviewed 2026-10-19

Regulatory standing

Not reviewed

Dependencies

YZUSD

Dependency context

Open in Dependency Map

Variants 1

Staked Yuzu USDsyzUSD

Strategy

Key links

Website Twitter Docs Proof of Reserve

Proof of Reserves

Real-Time PoR by Accountable

View reserves

Contracts

2 deployments tracked across Plasma and Monad.

Primary contract

Plasma

0x6695...26dc

View on Plasma explorer

Plasma0x6695...26dc

Monad0x9dcb...3858

Supply & Liquidity

History

Explore

Explore next

Move from this coin into the next useful surface: peer benchmarks, taxonomy cohorts, or live trackers that add context to what you just read.

Peers

DAI

Taxonomy

All US Dollar stablecoins CeFi-Dependent stablecoins Crypto-Collateralized stablecoins

Trackers

Stablecoin safety scores DEX liquidity rankings Depeg tracker See all CDP stablecoins

Actions

Open YZUSD in live compare Set YZUSD Telegram alerts Browse stablecoin comparisons Read the daily digest Use the Pharos API

Safety

C· 56/100

as of 2026-10-25

Peg Liquidity53· as of 2026-10-25 DEWSCalm· 14/100 · as of 2026-10-25

Collateralization

Overcollateralized

110.8%vs supply

Details & sources (4)

First loss coverage share: 9.9%

Reviewed gaps

Liquidation capacity ratioNot applicable
yzUSD is minted and redeemed 1:1 against USDT0 by KYC-gated eligible investors; the design has no borrower positions, auctions, or dedicated liquidation pool - losses are absorbed by the yzPP first-loss tranche and Reserve Fund, not by debt-offset liquidations.Source
Liquidation mechanicsNot applicable
yzUSD originates no borrower positions and operates no liquidation pool; mint/redeem is 1:1 against USDT0 and loss absorption sits with the yzPP first-loss tranche and Reserve Fund.Source

Yuzu yzUSD documentation (1:1 USDT0 mint/redeem gated to eligible KYC'd investors; PoR backing claim)

Reviewed 2026-07-20

Access posture

Loading published access posture…

Regulatory standing

Not reviewed

Price Transparency

$0.9987

—Sources 0/3

Sources

Key links

Website Twitter Docs Proof of Reserve

Proof of Reserves

Real-Time PoR by Accountable

View reserves

Contracts

Plasma0x6695...26dc

Monad0x9dcb...3858

News

Loading recent events…

Evidence index

Exit

Redemption routeWaiting for section

Control

Mint AuthorityMint score loading
Price feedPrivileged internal pricing
Bridging & deploymentsMixed tiers
Freeze & seizureFreezable

Profile

YZUSD profile facts

Yuzu USD (YZUSD) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.

CeFi-Dependent Crypto-Collateralized US Dollar

Collateral: Overcollateralized by diversified on-chain DeFi yield strategies (leveraged loops, Pendle liquidity, Euler lending markets) deployed on Plasma chain; backed by >$1 in on-chain assets per yzUSD
Peg mechanism: Eligible investors (accredited/institutional, KYC/AML required) mint/redeem at 1:1 with USDT0; peg maintained by overcollateralization and risk tranching via yzPP junior tranche absorbing first losses
Jurisdiction: Not disclosed in the static profile.
Proof of reserves: Real-Time PoR by Accountable Reserve source
Contracts: 2 deployments tracked across Plasma and Monad.

Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.

YZUSD quick answers

What is Yuzu USD (YZUSD)?

yzUSD is Yuzu's KYC-gated base dollar on Plasma, minted 1:1 with USDT0; yield accrues through the separate syzUSD wrapper. The static profile records its US Dollar peg mechanism as: Eligible investors (accredited/institutional, KYC/AML required) mint/redeem at 1:1 with USDT0; peg maintained by overcollateralization and risk tranching via yzPP junior tranche absorbing first losses.

Is YZUSD safe?

As of Oct 25, 2026, Pharos grades YZUSD C (56/100) on its Safety Score. Pharos's reviews record that the issuer or an admin can freeze individual holders' balances, and direct redemption is limited to customers the issuer has verified. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

What backs YZUSD?

Pharos records YZUSD's reserves as of Aug 28, 2026 as 31.3% Ethena USDe loop, 14.7% Sky USDS staking, 7.8% Aave USDC, and 19 smaller holdings. Reserve evidence: Real-Time PoR by Accountable, latest period ending Aug 28, 2026. Pharos classifies the backing as Crypto-Collateralized.

Can YZUSD be frozen or blacklisted?

Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded.

How do you redeem YZUSD?

Under the route Pharos reviewed on Mar 23, 2026, customers the issuer has verified can redeem YZUSD for USDT. Settlement takes multiple days. The reviewed terms charge no percentage redemption fee. Whether a given holder qualifies is set by the route's own terms, not by this summary.

Backing evidence

YZUSD

Overcollateralized

110.8%vs supply

Review notes & sources (4)

First loss coverage share: 9.9%

Reviewed gaps

Liquidation capacity ratioNot applicable
yzUSD is minted and redeemed 1:1 against USDT0 by KYC-gated eligible investors; the design has no borrower positions, auctions, or dedicated liquidation pool - losses are absorbed by the yzPP first-loss tranche and Reserve Fund, not by debt-offset liquidations.Source
Liquidation mechanicsNot applicable
yzUSD originates no borrower positions and operates no liquidation pool; mint/redeem is 1:1 against USDT0 and loss absorption sits with the yzPP first-loss tranche and Reserve Fund.Source

Yuzu yzUSD documentation (1:1 USDT0 mint/redeem gated to eligible KYC'd investors; PoR backing claim)

Reviewed 2026-07-20

Control evidence

YZUSD

Mint Authority

Users mint YZUSD against collateral under governance, controlled by a contract; admin powers are only partly bounded.

Confidence: Manual reviewControl posture: Multisig controlled

Control map

IssuerGoverned CDP

ControlsDirect minterProxy admin timelock2d timelockProxy admin Safe4/5

SupplyYZUSDPartially bounded admin

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (4)

yzUSD collateral-funded issuance contract
Direct minter / Contract
plasma / 0x6695c0...7926dc
MintCap-limited
YuzuUSDV3 mint/deposit enforce the supply cap and call YuzuIssuer._deposit, which transfers the required USDT0 from the caller before __yuzu_mint. MINTER_ROLE only qualifies the receiver. LIMIT_MANAGER_ROLE can raise the supply ceiling separately; the 12-hour restriction manager can change receiver eligibility but cannot bypass the collateral transfer.
yzUSD upgrade timelock (48 hours)
Proxy admin / Timelock
plasma / 0x213045...b7cfbc
MintUpgrade-onlyDelay2d timelock
yzUSD upgrade proposer Safe (4-of-5)
Proxy admin / Safe
plasma / 0xa2a970...6f203d
MintUpgrade-onlySetupSafe, 4/5 thresholdSafe modules/guardModules or guards unknown
yzUSD limit/restriction timelock (12 hours)
Minter admin / Timelock
plasma / 0x5f3d29...86b78c
MintParameter-onlyDelay12h timelock

Review notes & sources (13)

Control posture

Material control is classified as requiring approval from a defined group of signers through a multisignature account.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

Reviewed 2026-10-03

YZUSD

Privileged internal pricing

YZUSD mint and redeem quotes rely on a privileged internal price.

Oracle review: Verified

Pricing path

SourcesUndisclosed

AggregatorPrivileged internal pricing

ConsumerMint / redeem quote

Review notes & sources (3)

Reviewed 2026-10-01

YZUSD

Mixed tiers

2 routes on 2 chains, 2 tiers, largest native (1); weakest external lock & mint. 1 third-party (50%).

Confidence: Verified

Routes by chain (2)

Equal widths, supply split unavailable

Review notes & sources (9)

The review rates the inventory native overall, better than its weakest listed route (external lock & mint).

Reviewed 2026-07-22

YZUSD

Freezable

A reviewed issuer or protocol control can freeze or seize this token in holders' wallets.

Sourced review

Power and scope

PowerFreezable

ScopeCanonical · Restrictable

Reviewed deployments (1)

PlasmaCanonical · Restrictable

Transfer posture reviewed 2026-07-17.

Review notes & sources (10)

Reviewed 2026-10-19

Regulatory standing

Not reviewed

Yuzu USD (YZUSD)

KYC-Gated Senior Tranche on Plasma

Backing evidence

Collateralization

Exit evidence

Redemption route · Waiting for section

Control evidence

Mint Authority

Control posture

Price feed

Bridging & deployments

Freeze & seizure

Regulatory standing

Dependency context

Variants 1

Key links

Contracts

Explore next

YZUSD profile facts

YZUSD quick answers

Yuzu USD (YZUSD)

KYC-Gated Senior Tranche on Plasma

Mechanism

Peg mechanism

Collateral

Collateral

Mechanism review

Reserves

Backing evidence

Collateralization

Exit evidence

Redemption route · Waiting for section

Control evidence

Mint Authority

Control posture

Price feed

Bridging & deployments

Freeze & seizure

Regulatory standing

Dependency context

Variants 1

Key links

Contracts

Explore next

Mechanism

Peg mechanism

Collateral

Collateral

Mechanism review

Reserves