agUSD — Overview

agUSD is Agama's synthetic dollar: mint it 1:1 against USDC, and its backing is automatically spread across every active Lending Pool — private credit and bonds alike — instead of sitting in a single pool.

Mint and redeem

There's no pool to pick and no allocation decision to make — minting agUSD is a single deposit that stands in for a diversified position across the whole book.

Auto-allocation

Once minted, agUSD's backing is auto-allocated across every active Lending Pool. If Agama adds a new pool, agUSD's diversification extends to it automatically — holders don't need to do anything to pick up the new exposure.

This is the core difference from a direct pool deposit (How It Works → Alice's path): a direct depositor is exposed to one pool's performance, while an agUSD holder's exposure is blended across all of them.

What agUSD is for

• A diversified base position. Hold agUSD as a synthetic dollar backed by a spread of real-world private credit and bonds, rather than concentrated in a single deal.
• A stepping stone to yield. agUSD itself doesn't compound — stake it for sagUSD to start accruing the pools' yield.
• A transferable unit. agUSD is a standard token: send it, hold it, or move it elsewhere before deciding whether to stake.

See Overview for how agUSD fits into the wider architecture, and Risks for what backs it and what can go wrong.