Summary
Ketju does not approve RAAC: pmUSD, the product that holds nearly all of its tracked value, has lost its peg and trades around $0.65. RAAC, or Regnum Aurum Acquisition Corp, is a British Virgin Islands company with two product lines under one DefiLlama TVL figure. RWf(x)/pmUSD is a gold-backed stablecoin, and RAACLend lends against tokenized real estate. RAAC’s marketing leads with real estate, but its own site reports $116.9M of its $117M TVL in pmUSD. pmUSD is down roughly 36% from its all-time high. An independent risk service grades its peg defense "F." It traces the failure to pmUSD’s structural reliance on Sky Protocol’s sUSDS, more than to RAAC’s own collateral. We found no incident report or postmortem from RAAC on the depeg. While the depeg lasts, Ketju reviews this memo every 30 days.
Review triggers
- pmUSD trades back within a normal small-percentage band of $1 for a sustained period, with a published explanation of what fixed the peg mechanism
- RAAC publishes an incident report or postmortem that addresses the depeg directly
- The peg stability module's dependence on the health of Sky Protocol's sUSDS is reduced or independently insured against
- Freeze, blacklist, and minting-eligibility policy for pmUSD are disclosed from primary sources
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- Ethereum
- Reviewed
- Last confirmed