Saga Dollar (D) is a decentralized meta-stablecoin issued natively on SagaEVM. D is fully backed by an on-chain reserve of USD-denominated stablecoins and yieldcoins. Built on the ERC20 standard, every D token is soft-pegged to $1, collateralized by at least $1 worth of reserve. It is designed to be the unified liquidity layer of the Saga economy.
<aside> 💾
D’s Token Contract: 0xB76144F87DF95816e8c55C240F874C554B4553C3.
</aside>
Unlike traditional stablecoin models that reward passive holders or stakers on the supply side, D redirects reserve earnings as interest rebates to its borrowers on the demand side, effectively subsidizing their borrowing costs. This novel mechanism raises D’s supply-demand equilibrium, unlocking greater yields and capital efficiency vs. unsubsidized stablecoins.
Users can supply or borrow D via integrated Lending Markets like Palomino. Lenders can also stake D with Colt to receive Staked Saga Dollar (stkD), a liquid, yield-bearing token that represents D lending deposits in Palomino. LPs can supply D into Liquidity Pools to earn fees and rewards for facilitating swaps between D and other assets.
D lenders, stakers, and LPs are also rewarded with Colt Points through the Points Program, giving them a future stake in protocol governance based on early liquidity contributions.
<aside> ℹ️
For user instructions, please refer to our User Guide.
</aside>
Through on-chain reserves, Colt maintains both 24/7 transparency and independence from the traditional banking system. The protocol selects each reserve asset strategically based on its quality, track record, yield, and risk profile. The reserve’s composition is dynamic and changes over time based on governance decisions and user activity. As Colt evolves, governance shall evaluate opportunities to diversify the reserve with new assets or remove those that no longer meet the protocol's standards.
Users can mint or redeem D permissionlessly and atomically using any accepted reserve asset below (as of November 2025):
| Reserve Asset | Issuer / Bridge | Type | Mint/Redeem Ratio | Oracle |
|---|---|---|---|---|
| USDC (bridged) | Circle / Axelar | Stablecoin | 1 D = $1 USDC | Tellor |
| USDT (bridged) | Tether / Axelar | Stablecoin | 1 D = $1 USDC | Tellor |
| USDN (bridged) | Noble / IBC | Stablecoin | 1 D = $1 USDN | Tellor |
| yUSD | YieldFi | Yieldcoin | 1 D = $1 yUSD | Tellor |
| vyUSD | YieldFi | Yieldcoin | 1 D = $1 vyUSD | Tellor |
| MUST | Mustang | Stablecoin | 1 D = $1.005 MUST | Hard-coded |
<aside> 📝
Note: There are no minting fees. Redemption may include a small fee (up to 0.5%).
</aside>