What is USAD (USAD)?
USAD is a dollar stablecoin on Aleo, a zero-knowledge layer-1 blockchain, issued by Paxos Labs, a spinout of Paxos. The Aleo Network Foundation and Paxos Labs announced it in October 2025, its token program was deployed on Aleo mainnet in January 2026, and the public mainnet launch followed in February 2026.
- Type
- Private USD stablecoin (USDG-backed)
- Launched
- 2026
- Consensus
- Runs on Aleo
- Max supply
- No fixed cap (1:1 USDG-backed)
- Swap network
- Aleo
How USAD works
USAD is created from USDG or USDC deposited on Ethereum and represented on Aleo as shares of an Ethereum vault holding USDG, the Global Dollar Network token issued by Paxos Trust Company. On Aleo, addresses, amounts and balances can stay encrypted, while a compliance service holds a view key for lawful requests and the token program enforces a freeze list.
What USAD is used for
The issuers pitch USAD at confidential payroll, business payments and treasury management, where companies do not want salaries or supplier terms visible on a public ledger. The payroll provider Toku uses it to pay teams privately.
USAD supply
There is no fixed cap. USAD is minted against deposits and redeemed for USDG on Ethereum, and the USDG behind it is backed by US dollar deposits and short-term Treasuries with monthly third-party attestations.
Before you swap USAD
USAD is delivered on Aleo, so you need an Aleo wallet such as Shield and a little ALEO for network fees. It targets the US dollar, so swaps from other dollar stablecoins should price close to parity, but liquidity is thinner than for USDC or USDT, so check the quote.