RAAC

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

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.

Kill criteria: the events that revoke this 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

The research file

Mechanism and TVL composition

RWf(x) is a fork of the f(x) protocol minting pmUSD, backed by tokenized gold claims (ION.au, issued by I-ON Digital Corp, OTCQB: IONI) via a peg stability module against Sky Protocol’s sUSDS. RAACLend separately tokenizes income real estate as ”REET” NFTs that holders can retain for rental income, post as collateral to borrow crvUSD, or deposit into an ERC-4626 index vault. Per RAAC’s own homepage, RWf(x)/pmUSD carries $116.94M of TVL against RAACLend’s $5.94M — the real-estate product this registry’s issuer/RWA queue categorized this entry under is 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” and attributes the failure to pmUSD’s structural dependency on the health of Sky Protocol’s sUSDS rather than a direct collateral shortfall in the gold backing itself — a meaningful external-dependency risk this review treats as a standing fact, not a temporary dislocation, absent any RAAC-published remediation plan or postmortem.

Redemption mechanics

pmUSD redemption runs through the peg stability module, swapping for sUSDS at $1 face value, but the swap is one-directional and pauses if the sUSDS reserve in the module falls below 20% of total assets — a redemption path that can simply stop functioning under the exact stress conditions 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 structured as an asset-backed claim via I-ON Digital Corp with UCC liens on mineral claims and a cited third-party audit opinion this review could not independently verify. pmUSD minting runs through manager-controlled authorized multisigs rather than fully permissionless issuance, consistent with a ”centralized governance model” description found in secondary sourcing, but no explicit RAAC-published KYC or eligibility policy for primary pmUSD minting was found, and freeze or blacklist function presence on the pmUSD contract could not be confirmed from primary sources.

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), a real audit history, though none of that audit coverage prevented the current depeg. Against Paxos Gold and Tether Gold — both already rejected in this registry for other reasons — pmUSD’s active ~35% depeg is a materially worse track record than either, since neither of those tokens has shown a comparable price break from its underlying commodity. Against RAACLend’s real-estate product specifically, no verified completed title-transfer redemption case was found in any source, leaving that smaller product’s exit mechanics 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 verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.