USD-pegged · crypto-backed · #42 by USD value
Mustang Finance (MUST) is a USD-pegged crypto-backed stablecoin, backed by cash reserves. It currently ranks #42 among tracked stablecoins by circulating supply, and is deployed across 1 blockchain. Data is updated daily at 00:00 UTC from DefiLlama.
| Chain | Share | Supply |
|---|---|---|
| Saga | 100.0% | $154.4M |
Mustang Finance (MUST) is a USD-pegged stablecoin backed by cash reserves. Its peg mechanism is crypto-backed, and it currently ranks #42 among tracked stablecoins by circulating supply.
MUST has a circulating supply of $154.4M (USD equivalent). Data updates daily at 00:00 UTC from DefiLlama.
MUST is backed by Cash reserves. This means holders' claims are collateralized in that form, with reserves reported by the issuer.
MUST is deployed across 1 blockchain, with Saga holding the largest share of supply. See the Chain Distribution section on this page for the full breakdown.
MUST shares a USD peg with USDT and USDC — the market's two largest stablecoins — but differs in issuer, backing composition, and typical use cases. USDT and USDC together account for the majority of USD stablecoin supply; MUST ranks #42.
| Full Name | Mustang Finance |
| Symbol | MUST |
| Peg | USD |
| Peg Mechanism | crypto-backed |
| Backing | Cash reserves |
| Chains Deployed | 1 |
| Data Source | DefiLlama → |
| Last Updated | 2026-07-27 · refreshes daily 00:00 UTC |