Saga is a fiat-pegged stablecoin that is developed by Saga Core, a Tel Aviv-based private entity, and managed by the Saga Foundation, a non-profit organization based in Switzerland. Saga launched as a native "genesis token" distributed to private investors that is later convertible to the Saga stablecoin. The assets backing the Saga stablecoin are kept at a partial variable reserve ratio to the current market capitalization, which Saga has set at a 10% minimum reserve. Saga's reserves are kept at 100% for the first 20 million tokens issued, at which point the coin is backed by a partial variable reserve.