avUSD

Overview

avUSD is a dollar token on Avalanche issued by Avant Protocol. Holders mint it by depositing USDC on Avalanche. The documentation states that avUSD is fully backed on a 1:1 basis by USDC and that avUSD itself receives no yield.

Where the yield sits

Yield reaches depositors through two other tokens. Staking avUSD returns savUSD, which the docs describe as the senior, lower-risk position for stablecoin depositors. avUSDx is the junior position and takes an additional 10% share of the total yield. The return comes from strategies the docs call market-neutral: basis trades pairing a spot holding with an equivalent short futures position, lending rate arbitrage, yield trading on Pendle, supply to Aave, and liquidity provision on Curve and Uniswap. External trading partners execute them.

How the map classifies it

The Global Stablecoin Map records avUSD as a synthetic dollar backed by delta-neutral crypto collateral, the category also used for USDe. Avant's own wording puts the US dollar peg on USDC and the strategy exposure behind savUSD and avUSDx. The map's read of the Avalanche contract gives about 127.7 million avUSD outstanding, held by roughly 1,080 addresses.

Sources: Avant Protocol Docs, Core Tokens, Avant Protocol Docs, Yield Generation

Backing and reserves

What the documentation states

Avant's core tokens page says avUSD is fully backed on a 1:1 basis by USDC, minted by depositing USDC on Avalanche and redeemable back for USDC. Nothing further about reserve composition is published. No reserve attestation and no audit of the backing appeared at any Avant URL that returned readable content in this check.

The Reserve Fund

Avant runs a separate Reserve Fund for each asset suite and publishes the USD one at 0xd98e1faf532b9c481c56741ab3ac47ec18d8f43a. The docs say it is fed by a portion of the fees generated by the yield strategies and by a portion of the yield earned on unstaked capital, and that it is held in the relevant base token. The page gives no size for it. In a loss the docs place the Reserve Fund first, a governance backstop second, the avUSDx junior tranche third, and savUSD holders last.

What is verifiable and what is not

Avant publishes strategy wallet addresses for avUSD, so those positions can be read from the chains rather than from a report. The transparency dashboard renders its values in the browser and its page source carried no composition, NAV or TVL figure, so none is quoted here. Avant's website states that portfolio NAV is calculated weekly by Pennyworks, an independent third-party valuation provider. Custody is described only as leading Multi-Party Computation custody solutions, with no provider named.

Sources: Avant Protocol Docs, Core Tokens, Avant Protocol Docs, Reserve Fund, Avant Protocol Docs, Fund Protection Layers, Avant Protocol Docs, Strategy Addresses, Avant Protocol Docs, Secure Asset Management, Avant Protocol website

Where it is used

Chains beyond Avalanche

Avalanche holds the original avUSD contract. Avant's published address list also carries bridged avUSD on Base, Berachain, Ethereum, Linea and Monad, each paired with a burn-and-mint pool. All official bridging of Avant tokens runs exclusively through Chainlink's Cross-Chain Interoperability Protocol.

Getting out

Redemptions are often completed within a few hours and can take up to seven days depending on market liquidity and other conditions. A redemption fee may apply, and Avant says it is displayed in the interface before the request is confirmed.

Sources: Avant Protocol Docs, Contract Addresses, Avant Protocol Docs, Security Partners, Avant Protocol Docs, Redeeming avAssets

Risks

What Avant discloses

The risks page lists smart contract risk, strategy and market risk, custody and operational risk, liquidity and redemption risk, counterparty risk, and unforeseen risks. Redemption carries a stated ceiling of seven days. The loss waterfall reaches savUSD holders only after the Reserve Fund, the governance backstop and the avUSDx junior tranche are exhausted.

What is not named

The trading partners that execute the strategies are not named. Custody is described as leading MPC custody solutions with no provider identified. The audits page states that Avant's contracts have been audited by multiple top-tier firms with no critical or high-severity issues found, and names no firm on that page. The security partners page names Omniscia and Dedaub as contract auditors and Trail of Bits for operational security. The docs add that detailed OPSEC findings are typically not made public.

Sources: Avant Protocol Docs, Risks, Avant Protocol Docs, Contract and OPSEC Audits, Avant Protocol Docs, Security Partners, Avant Protocol Docs, Fund Protection Layers

What this map tracks

What the map reads

The Global Stablecoin Map tracks avUSD on Avalanche only, at contract 0x24de8771bc5ddb3362db529fc3358f2df3a0e346. That first-party read gives about 127.7 million avUSD outstanding across roughly 1,080 holding addresses. Snowtrace shows the same contract with 18 decimals and the same supply.

What sits outside it

Avant's own address list carries bridged avUSD on Base, Berachain, Ethereum, Linea and Monad. Those balances are not inside the Avalanche figure above. savUSD, avUSDx, avBTC and avETH are separate tokens and are not part of it either. The Reserve Fund address and Avant's avUSD strategy wallets are not read here.

Price

The map holds no price for avUSD, so no peg deviation is shown on this page. Coins with a price read carry one in the stablecoin explorer.

Sources: Snowtrace, avUSD token contract on Avalanche, Avant Protocol Docs, Contract Addresses, Avant Protocol Docs, Reserve Fund

Common questions