---
title: "Zoth ZeUSD (ZeUSD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/zeusd-zoth/"
description: "Build-time stablecoin profile for Zoth ZeUSD (ZeUSD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Zoth ZeUSD (ZeUSD)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

A CDP minted against tokenized T-bills layered on tokenized T-bills — an F-grade reserve dependency chain with $1.5K of DEX liquidity backing $27.6M of supply.

ZeUSD mints as a {{term:cdp}}CDP{{/term}} against a collateral stack of tokenized T-bills (USYC, STBT, TBILL), Usual's USD0++, and wrapped M — every dollar of {{term:rwa}}RWA{{/term}} backing carries the risk profile of whichever upstream issuer is weakest in the chain. The F at 35 is the predictable result: Cayman domicile, no proof of reserves, institutional-unregulated {{term:custody}}custody{{/term}}, and a dependency chain where a failure in Hashnote, Matrixdock, or OpenEden cascades directly into ZeUSD's reserve. The $1,486 in DEX TVL across a single pool is not a liquidity problem — it is the absence of liquidity entirely, leaving $27.6M in circulating supply with no meaningful on-chain exit. Zero depeg events and a calm DEWS band mean the peg hasn't been tested, not that it would survive testing. The RWA-collateralized CDP model is architecturally interesting, but wrapping three layers of tokenized treasuries into a fourth token is the kind of financial engineering that works until it doesn't.

## Collateral

U.S. Treasury bills, ETFs, money market funds, and reverse repos (off-chain), and tokenized on-chain RWAs (e.g., Hashnote USYC, Matrixdock STBT, OpenEden TBILL); held in smart contract escrow vaults or traditional/omnibus escrow accounts

## Peg Mechanism

CDP: users deposit eligible RWA collateral to mint ZeUSD; peg maintained through LTV ratios and collateral redemption (repay ZeUSD to reclaim collateral)

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| Cayman Islands | CIMA | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x7dc9748da8e762e569f9269f48f69a1a9f8ea761` | 6 |
| manta | `0x7dc9748da8e762e569f9269f48f69a1a9f8ea761` | 6 |
| metis | `0x2d3d1a6982840dd88bc2380fd557f8a9d5e27a77` | 6 |
| avalanche | `0x7dc9748da8e762e569f9269f48f69a1a9f8ea761` | 6 |

## Live Data

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