# Why Ketju rejected RAAC

- URL: https://riadefi.com/rejections/raac/
- Exposure: other
- Memo version: v1
- Reviewed: 2026-08-17
- Next review: 2026-09-17

## 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

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
Machine-readable index: https://riadefi.com/llms.txt · Content API: https://riadefi.com/content.json