Precious Metals USD
PMUSD
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
PMUSD (Precious Metals USD) is an RWA-backed synthetic stablecoin within the RAAC ecosystem intended to maintain a $1.00 peg backed by tokenized precious metal collateral (specifically in-situ gold reserves). Across all evaluated dimensions, PMUSD exhibits severe operational and financial distress. Most critically, the asset is suffering from an unrecovered major depeg, trading around $0.51 to $0.56 (~44% to 49% below par value), which represents a catastrophic failure of its core stablecoin utility and signals profound counterparty and collateral valuation issues (including an 80% discount on un-extracted gold reserves). Development activity has completely stalled with no recent shipping or transparent reserve attestations, while community and governance channels are virtually nonexistent (only 718 holders and centralized multisig controls). Despite historical smart contract audits from Pashov Audits covering underlying minting engines in 2025, the lack of verifiable redemption mechanisms, liquid backing, and secondary market liquidity make the asset fundamentally impaired.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Precious Metals USD (PMUSD)
Precious Metals USD (PMUSD, styled as pmUSD) is an Ethereum-based real-world asset (RWA) synthetic stablecoin developed within the RAAC DeFi ecosystem. The token is designed to maintain a $1.00 USD peg through a collateralized debt position (CDP) model utilizing RAAC's RWf(x) system. Under this framework, users lock tokenized physical commodities and precious metals—specifically I-ON Digital Corp's ION.au tokenization of in-situ gold reserves—to mint PMUSD. The underlying collateral framework discounts these un-extracted in-situ gold reserves by 80% at issuance.
The project's minting mechanisms were reviewed by Pashov Audits across three reports published in 2025 for versions of the RWf(x) engine. However, PMUSD relies on a chain of counterparties, including RAAC and I-ON Digital Corp, with no independent proof-of-reserves attestations or verified external audit scores for the PMUSD token contract itself. Governance operates through centralized manager-only multisig permissions without an active public team or decentralized autonomous organization (DAO) framework.
PMUSD exhibits severe operational distress and has experienced a critical depeg from its $1.00 reference value. The token suffered a severe price crash from an all-time high of $1.08 down to an all-time low of $0.1146, trading between approximately $0.45 and $0.56. This unrecovered depeg represents an approximate 44% to 49% discount against par value, signaling impaired secondary market liquidity, redemption limitations, and substantial counterparty and collateral valuation risks.