Introduction

Agama is a synthetic dollar protocol backed by real-world private credit and bonds, built natively on Stellar as Soroban contracts. Depositors put in USDC, receive agUSD, and stake it for sagUSD, the position that earns. A Curator deploys the capital into vetted credit vaults, and the contracts decide what the Curator is allowed to do.

There is one entry point and one asset: USDC into the Vault. The risk you take is the real-world performance of the credit book behind it.

Components

Behind those three sits the Allocation Engine, which routes Vault capital into the credit vaults and enforces the concentration caps and the reserve floor on every call, all four measured in basis points.

See Overview for the architecture in one picture and How It Works for the full path from cash to a yield-bearing position and back out.

Getting started

• Depositors: read How It Works, then deposit USDC for agUSD.
• Yield seekers: stake agUSD for sagUSD. agUSD on its own does not earn.
• Reviewers and integrators: Soroban Contracts for the function-level view, Deployments for the addresses.
• Everyone: read Risks before depositing. Real-world credit exposure carries risks that do not exist in purely on-chain systems, and the withdrawal queue is not instant.