RAAC

This review rejects RAAC because the product holding nearly all of its tracked value is actively depegged. RAAC, or Regnum Aurum Acquisition Corp, is a British Virgin Islands entity that 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 focus on real estate in its marketing, essentially all of the roughly $117M tracked TVL sits in pmUSD, not RAACLend. RAAC’s own site reports $116.9M of $117M in pmUSD. pmUSD is currently trading around $0.65, down roughly 36% from its all-time high. An independent risk service grades its peg-defense mechanism ”F” and attributes the failure to a structural reliance on Sky Protocol’s sUSDS rather than RAAC’s own collateral. No RAAC-published incident report or postmortem that addresses 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. The review therefore follows it on a 30-day cycle while the depeg remains active.

Review triggers: events that reopen the verdict
• 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

Confirmed 2026-09-25: 39 days quiet, no open item. Holds to 2027-09-26 while the watch stays quiet.

The research file

Mechanism and TVL composition

RWf(x) is a fork of the f(x) protocol that mints pmUSD. Tokenized gold claims, ION.au issued by I-ON Digital Corp, OTCQB: IONI, back it through a peg stability module against Sky Protocol’s sUSDS. RAACLend is a separate product that tokenizes income real estate as ”REET” NFTs. Holders can retain them for rental income, post them as collateral to borrow crvUSD, or deposit them into an ERC-4626 index vault. RAAC’s own homepage reports $116.94M of TVL in RWf(x)/pmUSD, compared with $5.94M in RAACLend. The real-estate product used to place this entry in the registry’s issuer/RWA queue makes up only a small fraction of the actual tracked value.

The active depeg

pmUSD trades at roughly $0.65 as of this review, down about 36% from its all-time high of $1.02 reached 2026-01-21. An independent risk assessment service grades the peg-defense mechanism ”F.” It attributes the failure to pmUSD’s structural reliance on the health of Sky Protocol’s sUSDS, rather than a direct collateral shortfall in the gold backing itself. This review treats that reliance on an outside protocol as a standing risk, not a temporary price gap, because RAAC has not published a remediation plan or postmortem.

Redemption mechanics

pmUSD holders redeem through the peg stability module, which swaps pmUSD for sUSDS at $1 face value. The swap works in only one direction and pauses if the module’s sUSDS reserve falls below 20% of total assets. The redemption path can therefore stop under the same stress that would make a holder want to exit. No minimum or fee schedule for pmUSD redemption was found in primary documentation.

Legal structure and control

Regnum Aurum Acquisition Corp is registered in the British Virgin Islands. The gold collateral is an asset-backed claim through I-ON Digital Corp, with UCC liens on mineral claims and a cited third-party audit opinion that this review could not independently verify. Manager-controlled authorized multisigs handle pmUSD minting, rather than fully permissionless issuance. That agrees with a ”centralized governance model” description found in secondary sourcing. No explicit RAAC-published KYC or eligibility policy for primary pmUSD minting was found. Primary sources also did not confirm whether the pmUSD contract has freeze or blacklist functions.

Track record and comparison

RAAC launched its testnet in March 2025 with a reported $235M in gold-backed deposits at launch. Three Pashov Audit Group reports for RWf(x) are cited, dated August, November, and November 2025. That is a real audit history, but the audit coverage did not prevent the current depeg. Paxos Gold and Tether Gold are both already rejected in this registry for other reasons. pmUSD’s active ~35% depeg gives it a much worse track record than either token, since neither has shown a comparable price break from its underlying commodity. For RAACLend’s real-estate product, no source showed a verified, completed title-transfer redemption case. The smaller product’s exit process therefore remains unproven as well.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• DefiLlama — RAAC protocol data · secondary · accessed 2026-08-17
  Supports: aggregate TVL, category tagging
• RAAC — homepage TVL breakdown · primary · accessed 2026-08-17
  Supports: RWf(x)/pmUSD versus RAACLend TVL split
• RAAC documentation — RWf(x) audits · primary · accessed 2026-08-17
  Supports: Pashov Audit Group report dates
• Pharos — pmUSD precious metals stablecoin risk profile · secondary · accessed 2026-08-17
  Supports: F-graded peg defense mechanism, sUSDS dependency, redemption pause threshold
• CryptoRank — pmUSD price and depeg data · secondary · accessed 2026-08-17
  Supports: current price, percentage decline from all-time high
• I-ON Digital Corp — ION.au collateral framework for pmUSD · primary · accessed 2026-08-17
  Supports: gold collateral structure, UCC lien and audit reference

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.