D vs MUST
Saga Dollar and Mustang Finance, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and D/MUST spread
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Saga Dollar is a dollar-denominated token tracked across 1 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Adequate
Mustang Finance is a dollar-denominated token tracked across 1 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Caution
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 73 | 53 | D |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 55 | Tie |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $35.92B | $0.00 | D |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 48 | Tie |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −0.025% | −0.025% | Tie |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | None recorded | Tie |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 53 | Tie |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $10.39M | $154.35M | MUST |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 1 chains | 1 chains | Tie |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | None | Tie |
"Matters" is our weighting of how much each dimension typically drives a real allocation decision. Sort any column to re-rank the tradeoffs by what matters to you.
The short answer
D scores higher on safety (73 vs 53), driven mainly by collateral quality and disclosure. D has deeper tracked liquidity ($35.92B), which is what determines whether you can exit at size.
If both are fiat-reserve tokens, note that holding both is not diversification: they share the same short-dated Treasury and banking exposure. Genuine diversification means mixing collateral structures.
Which one fits your goal: D or MUST?
Capital preservation over everything else.
For park cash safely, D is the better fit over MUST.
- Safety score 73 vs 53, with collateral rated 55/100.
- Current peg deviation -0.025% against -0.025% for MUST.
- No material depeg recorded for D in our incident log.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
D
- Collateral volatility: a fast drawdown in backing assets can force liquidations.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
- Chain concentration: 100% of supply sits on Saga.
MUST
- Collateral volatility: a fast drawdown in backing assets can force liquidations.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
- Chain concentration: 100% of supply sits on Saga.
| Metric | D | MUST |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Undisclosed | Undisclosed |
| Jurisdiction | Not documented | Not documented |
| Collateral | crypto-backed | crypto-backed |
| Peg mechanism | crypto-backed | crypto-backed |
| Attestation | none | none |
| Redemption | market-only | market-only |
| Price | $0.9998 | $0.9998 |
| Peg deviation | −0.025% | −0.025% |
| Market cap | $10.39M | $154.35M |
| 7d supply change | 0.00% | +0.00% |
| Liquidity | $35.92B | $0.00 |
| Best yield | None | None |
| Chains | 1 | 1 |
| Launched | — | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (D vs MUST)
- +0.0 bps
- $0.9998 vs $0.9998
- Peg deviation gap
- 0.000 pp
- D −0.025% · MUST −0.025%
- Yield spread
- +0.00%
- D — · MUST —
- Liquidity ratio
- —
- $35.92B vs $0.00
A round trip between D and MUST costs roughly the market spread plus venue fees. At 0.0 bps of price gap, swapping $1M implies about $0.00 of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Chain coverage
D is live on 1 chains, MUST on 1. 1 chains carry both, so bridging is only unavoidable for the 0 networks where just one of them is deployed.
| Chain | D | MUST | Both available |
|---|---|---|---|
| $10.39M | $154.35M | Yes |
D vs MUST: frequently asked questions
Is D or MUST safer?
+
On our composite safety score D rates 73/100 versus 53/100 for MUST. The score weighs collateral quality (crypto-backed vs crypto-backed), redemption rights, attestation quality, peg history and liquidity depth. A higher score is not a guarantee: both remain issuer-credit and smart-contract exposures, not insured bank deposits.
What is the difference between D and MUST?
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Saga Dollar is issued by Undisclosed (Not documented), backed by crypto-backed, with redemption terms: market-only. Mustang Finance is issued by Undisclosed (Not documented), backed by crypto-backed, with redemption terms: market-only. Attestation coverage is "none" for D and "none" for MUST.
Which has the bigger market cap, D or MUST?
+
MUST is larger at $154.35M in circulating supply, against $10.39M for the other. Over the last 7 days supply moved 0.00% for D and +0.00% for MUST.
Are D and MUST trading at $1.00 right now?
+
D trades at $0.9998 (−0.025% off peg) and MUST at $0.9998 (−0.025% off peg). The gap between the two is about 0.0 basis points, which is the cost you pay when rotating size between them before fees.
Has D or MUST ever depegged?
+
D: no material depeg recorded in our incident set. MUST: no material depeg recorded in our incident set. Past peg behaviour under stress is the single best available proxy for how a token trades in the next crisis.
Which is better for large institutional size, D or MUST?
+
For block size the constraint is exit liquidity and primary redemption, not headline supply. D shows deeper on-chain liquidity at $35.92B versus $0.00. Combine that with the redemption channel — D: market-only; MUST: market-only — and size trades against the primary window rather than the order book where possible.
Can I earn yield on D or MUST?
+
Neither D nor MUST currently has a tracked yield venue in our dataset. Holding either in a wallet pays nothing; any advertised rate comes from lending or liquidity provision on top, with its own risk.
Which chains support both D and MUST?
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Both are deployed on 1 shared network, including Saga. D spans 1 chains in total and MUST spans 1. Bridged supply on a chain is not the same as natively issued supply, and it usually carries the bridge's risk rather than the issuer's.
What does it cost to switch from D to MUST?
+
Budget three components: the current price spread of roughly 0.0 bps, swap or venue fees, and slippage against available depth ($35.92B for D, $0.00 for MUST). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is D or MUST regulated?
+
D is issued from Not documented with none; MUST is issued from Not documented with none. Regulatory status varies by your own jurisdiction and by whether the token is offered under a specific stablecoin regime, so treat this as a starting point for diligence, not legal advice.