The memo
REJECTED — THE DOMINANT PRODUCT IS ACTIVELY DEPEGGED. RAAC (Regnum Aurum Acquisition Corp, a British Virgin Islands entity) runs two product lines under one DefiLlama TVL figure: RWf(x)/pmUSD, a gold-backed stablecoin, and RAACLend, a tokenized-real-estate lending product. Despite RAAC's real-estate-forward marketing, essentially all of the roughly $117M tracked TVL — $116.9M of $117M per RAAC's own site — sits in pmUSD, not RAACLend. pmUSD is currently trading around $0.65, down roughly 36% from its all-time high, and an independent risk service grades its peg-defense mechanism "F," attributing the failure to structural dependency on Sky Protocol's sUSDS rather than RAAC's own collateral. No RAAC-published incident report or postmortem addressing this depeg was found. This is a realized failure in the product carrying nearly all of this entry's tracked value, not a theoretical risk, and it is reviewed on a 30-day cycle given the active depeg.
What would reopen the file
- 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
- A RAAC-published incident report or postmortem addresses the depeg directly
- The peg stability module's dependency on Sky Protocol's sUSDS health is reduced or independently insured against
- Freeze, blacklist, and minting-eligibility policy for pmUSD are disclosed from primary sources
Facts on file
- Verdict
- Rejected
- Exposure
- other
- Chains examined
- Ethereum
- Memo version
- v1
- Reviewed
- Next review