# Ketju research: RAAC

- URL: https://riadefi.com/rejections/raac/
- Verdict: rejected
- Type: Other
- Reviewed: 2026-08-17
- Last confirmed: 2026-09-25

## Research summary

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.

## Observable 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
- 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.
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