Mustang Finance (MUST) is a crypto-backed US dollar stablecoin. It has about $154M in circulation, ranking #41 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is MUST?
Mustang Finance (MUST) is a crypto-backed US dollar stablecoin. It has about $154M in circulation, ranking #41 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: Mustang USD is a decentralized over-collateralized stablecoin that is pegged to the US dollar and backed by crypto assets on the Saga EVM chain. Mustang is a friendly fork of Liquity V2. 1 $MUST is always redeemable for $1 in backing assets.
MUST supply history
MUST supply was flat over the past 30 days. It is at or near its all-time high.
Is MUST holding its peg?
MUST is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where MUST lives: supply by blockchain
Supply is concentrated: Saga holds 100% of all MUST. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How MUST is backed
MUST is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: Users open vaults (“troves”) and deposit accepted collateral to mint MUST up to their chosen collateral ratio. To unlock collateral, borrowers repay and burn MUST, or anyone can redeem 1 MUST token directly for $1 of collateral from which ever trove is paying the lowest interest rate, ensuring the peg.
Reserve reports and audits: github.com
MUST risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
MUST vs USDT and USDC
Similar crypto-backed stablecoins
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MUST FAQ
What is MUST?
Mustang Finance (MUST) is a crypto-backed US dollar stablecoin. It has about $154M in circulation, ranking #41 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is MUST pegged 1:1 to the US dollar?
MUST targets 1 USD. At the last update it traded at $0.9991, a deviation of -0.09%, which we classify as "on peg".
What backs MUST?
MUST is a crypto-backed stablecoin. MUST is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is MUST on?
MUST is live on 1 blockchain. The largest by supply are Saga ($154M).
How much MUST is in circulation?
About $154M of MUST was in circulation at the last update, +0.0% over 30 days. That makes it the #41 stablecoin by supply among those we track.
Is MUST safe?
No stablecoin is risk-free. As a crypto-backed design, MUST's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.