MUST Mustang Rank #314

Mustang (MUST) is a USD-pegged stablecoin issued through Mustang Finance, a decentralized borrowing protocol built as a Liquity V2 fork designed specifically for the Saga EVM network. The protocol enables users to deposit a range of crypto-native assets as collateral — including WETH, tBTC, SAGA, stATOM, KING, yETH, and yUSD — and mint MUST against that collateral, with borrowers choosing their own interest rates. The token is fully on-chain, overcollateralized, and backed exclusively by crypto assets rather than real-world instruments such as Treasuries. It is directly and permissionlessly redeemable for the underlying collateral at any time, providing continuous convertibility. Mustang Finance also supports a one-click multiply feature for amplified exposure to deposited assets, along with yield opportunities through a stability pool and liquidity farming. To maintain its dollar peg, the protocol relies on Liquity V2's market-driven monetary policy, in which user-set interest rates respond dynamically to deviations from $1. Governance-directed liquidity incentives are also used to ensure that trading depth is available around the peg.