V4. agaUSD Synthetic Dollar

The first synthetic dollar backed by private credit with ZK confidentiality. Following the Pareto Credit trajectory: aggregator → curator → protocol → synthetic dollar.

agaUSD

Synthetic dollar. Mint 1:1 against USDXP. Backed by the Credit Vaults across the entire Agama Oracle Network.

Capital stack

SENIOR. agaUSD (peg $1 guaranteed)
  Priority repayment from all Credit Vaults
  Protected by stability reserve
  Zero yield for holder
  Composable as collateral / gas across Rayls DeFi

JUNIOR. sagaUSD (staked agaUSD)
  First-loss buffer
  Earns Credit Vault yield: 8–12% APY
  Conversion price reduces if default occurs
  and stability reserve is exhausted

STABILITY RESERVE
  Protocol buffer. absorbs first before sagaUSD
  Funded by a portion of performance fees
  Target: 3–5% of total TVL

Backing diversification

Vault	Allocation	Duration
agaNMF (Nimofast invoices)	40%	30–90 days
agaSAN (Santander trade finance)	30%	90–180 days
agaCORP (corporate invoices)	20%	30–90 days
agaNUC (Nuclea receivables)	10%	Short term

Multi-originator diversification reduces single-counterparty risk.

$AGA token

Launched only after 100M AUM is proven. Not before.

Utility	Description
Governance	Vote on Credit Vault parameters: which originators, which discounts, which allocations
Revenue sharing	Portion of performance fees distributed to $AGA stakers
Yield boost	Boost sagaUSD yield by staking $AGA alongside
Emission	Tied to TVL milestones. No aggressive initial farming

Why agaUSD vs Pareto USP

	Pareto USP	agaUSD
Backing	Public private credit. Borrowers (FalconX, trading firms) visible on-chain	Confidential private credit on Rayls. Debtor identities concealed via Enygma ZK proofs
Privacy	None. All positions and borrowers public	End-to-end ZK confidentiality
Yield layer	sUSP. Staked USP absorbs first-loss, earns yield	sagaUSD. Same mechanic, 8-12% APY from invoice spreads
Chain	Ethereum mainnet	Rayls (privacy-native)
Token	$PAR	$AGA

The only synthetic dollar with end-to-end institutional confidentiality. For an institution that does not want competitors to see its financing activity, agaUSD is unique.

V4. agaUSD Synthetic Dollar ​

agaUSD ​

Capital stack ​

Backing diversification ​