[REPORT] eUSD Quarterly Report Q2 2025

[Sawyer]

Welcome to the Q2 2025 quarterly report for The Electronic Dollar (eUSD), designed to provide a comprehensive snapshot of the project’s performance and ecosystem developments. This report dives into key metrics, including governance activities across the forums and onchain, TVL(Total Value Locked) trends, critical DeFi metrics, and evolving social media engagement. By presenting these insights, our goal is to keep the eUSD community well-informed, foster transparency, and encourage active participation in the ongoing growth and success of eUSD.

Current eUSD Collateral Basket:

Collateral Asset	Allocation	Yield	Underlying Asset TVL Q1	Underlying Asset TVL Q2	Delta(Q2/Q1)
Comp v3 USDT	33%	4.28%	NA	$219M	NA
Comp v3 USDC	33%	4.36%	NA	$515M	NA
Aave v3 USDC	33%	3.81%	NA	$3.29B	NA
eUSD blended APY		4.15%

Note: The eUSD APY is shared to RevShare participants and to RSR stakers.

Summary: This section highlights the current collateral basket and the blended yield APY. It’s important to note that eUSD holders don’t receive any of the underlying yield. The underlying yield is distributed to RevShare participants and to RSR stakers that provide overcollateralization. In this section we also highlight the TVL of the underlying assets in the collateral basket. The TVL is looking at the total amount supplied in the markets mentioned above. Out of the total supplied we account for 3.6% of the TVL in Comp USDT, 1.5% of the Comp USDC, and 0.24% in Aave USDC. As the eUSD Market Cap continues to grow these will be important metrics to continue to monitor.

eUSD Market Cap, TVL, and Other Core Metrics:

Mainnet:

Metric	Close of Q1	Close of Q2	Delta (Q2/Q1)
Market Cap ($)	$24,100,000	$22,601,000	-6.2%

Base:

Metric	Close of Q1	Close of Q2	Delta (Q2/Q1)
Market Cap ($)	$7,710,000	$10,711,711	+38%

Arbitrum:

Metric	Close of Q1	Close of Q2	Delta (Q2/Q1)
Market Cap ($)	$1,170,000	$1,470,000	+25%

Total:

Metric	Close of Q1	Close of Q2	Delta (Q2/Q1)
Market Cap ($)	$24,100,000	$22,601,000	-6.2%
Staked RSR ($)	$22,368,327	$20,727,322	-7.3%
Staked RSR (RSR)	2.75B	2.55B	-7.2%
Overcollateralization (%)	84%	83%	-1.2%
RSR Staking Yield	4.6%	4.0%	-13%
Total TVL	$46,468,327	$43,328,322	-6.7%

Summary: This section looks at the total market cap of eUSD and how it’s split across different networks and accounted for in the Reserve Yield Protocol. Even though there was a slight decline in Total Market Cap and other relevant metrics surrounding eUSD, the biggest takeaway is seeing the growth of eUSD across L2’s. The Ugly Cash wallets that are public on Base are continuing to grow week over week, this is part of the reason that we are seeing positive quarterly growth on Base.

DeFi and Onchain Metrics

Transactions on Each Network:

Mainnet:

Metric	Q1	Q2	Delta (Q2/Q1)
Holders	NA	265	NA
Total Transactions	30,772	33,762	+9.71%

Base:

Metric	Q1	Q2	Delta (Q2/Q1)
Holders	NA	23,561	NA
Total Transactions	64,142	54,270	-15%

Arbitrum:

Metric	Q1	Q2	Delta (Q2/Q1)
Holders	NA	395	NA
Total Transactions	2,554	2,355	-7.7%

Integrations

Morpho

Mainnet:

Morpho Gauntlet eUSD Core Vault	Close of Q1	Close of Q2	Delta (Q2/Q1)
Total Deposits	$8.75M	$11.4M	+30.2%

Base:

Morpho Re7 eUSD Vault	Close of Q1	Close of Q2	Delta (Q2/Q1)
Total Deposits	$7.61M	$8.86M	+16.4%

Curve

Mainnet:

TriRSR Pool	Close of Q1	Close of Q2	Delta (Q2/Q1)
RSR	177M	199M	+12%
eUSD	$1,200,000	$1,548,803	+29%
ETH+	673	499	-25%
Total Pool TVL	$3.8M	$4.6M	+21%

eUSD/USDC Pool	Close of Q1	Close of Q2	Delta (Q2/Q1)
eUSD	$3.9M	$4.7M	+20%
USDC	$3.6M	6.0M	+66%
Total Pool TVL	$7.5M	$10.7M	+42%

Arbitrum:

eUSD/USDC Pool	Close of Q1	Close of Q2	Delta (Q2/Q1)
eUSD	$709K	$988K	+39%
USDC	$344K	$564K	+69%
Total Pool TVL	$1.05M	$1.54M	+46%

KNOX/eUSD Pool	Close of Q1	Close of Q2	Delta (Q2/Q1)
eUSD	$425K	$406K	-4.4%
KNOX	$267K	$230K	-13%
Total Pool TVL	$703K	$650K	-7.5%

Aerodrome(Base):

USDC/eUSD Concentrated Stable	Close of Q1	Close of Q2	Delta (Q2/Q1)
eUSD	$891K	$1.8M	+102%
USDC	$976K	$1.1M	+13%
Total Pool TVL	$1.8M	$2.9M	+61%

USDC/eUSD Basic Stable	Close of Q1	Close of Q2	Delta (Q2/Q1)
eUSD	$1.1M	$1.1M	NA
USDC	$898K	$1.02M	+14%
Total Pool TVL	$2.01M	2.1M	+4.4%

hyUSD/eUSD Basic Stable	Close of Q1	Close of Q2	Delta (Q2/Q1)
eUSD	$1.8M	$1.7M	-5.5%
hyUSD	$1.6M	$1.7M	+6.2%
Total Pool TVL	$3.6M	$3.4M	-5.5%

Summary: Back in November of 2022 Reserve Announced their participation in the Curve Wars, shortly after announcing an allocation of $20M of their treasury to purchase Curve governance ecosystems tokens. Their latest public announcement of a $2.2M purchase(part of the ongoing $20M investment) gave the Reserve ecosystem the most voting power of any non-founder entity in the Curve DAO. This investment was to increase the protocols ability to incentivize onchain RToken liquidity.

There’s a clear ongoing trend among these metrics, and that is the increase in TVL across the DeFi landscape in both DEX’s and lending markets quarter over quarter. This is in part due to the strategy and execution behind acquiring governance power and participating in the Curve Wars.

Governance:

Proposal 1: eUSD Unregister Unused Assets #2

RFC

Views: 100

Off-chain Poll - 4 votes (4 for / 0 against)

IP

Onchain Poll:

Quorum: 354M RSR
Voter Turnout - 535M (535M for / 0 against)
Unique Voters: 4

Outcome: Proposal Passed

Summary: Overall governors were extremely efficient this quarter. There were 8 total proposals, and they all hit quorum and passed. Governors had 7 Fintech RevShare update proposals and the 1 proposal to Unregister Unused Assets which made eUSD more gas efficient.

Fintech Revenue Share

eUSD Holdings

FinTech	Close of Q1	Close of Q2	Delta (Q2/Q1)
UglyCash	$1,651,972	$3,391,479	+105%
Sentz	$1,091,049	$1,103,054	+1.1%

Summary: This quarter Governors had 7 Fintech RevShare update proposals and they all passed and hit quorum. The FinTech RevShare program is an ongoing proposal of sharing some of the eUSD Revenue with FinTechs. eUSD shares underlying revenue with distribution partners(i.e. fintech apps) who use and promote eUSD for their customers.

Read More about the Original Proposal here:

Social Media

Social Media	Close of Q1	Close of Q2	Delta (Q2/Q1)
Posts	92	87	-5.4%
Impressions	92,000	60,042	-35%
Engagement Rate	4.1%	3.4%	-14%
Followers	456	517	+13%

Summary: This quarter showed a minor decline in most metrics, except for follower count, which increased. Post frequency remained consistent with the previous quarter. Content highlighting yield opportunities proved most effective for the eUSD account. The growth in followers is encouraging, but the decrease in impressions likely stems from the absence of viral content, unlike last quarter when several posts gained significant traction.

Conclusion:

That concludes the Q2 2025 report. Comment below any questions and comments you might have and make sure to stay up to date on all things eUSD by following the X account here:

Disclaimer: This is everything that happened, a celebration of the community and an invitation to participate in the ongoing success of eUSD. Continue to participate in the gov ops call, continue to participate on the forums and in onchain votes.

eUSD: created on the Reserve Yield Protocol

[0xJMG]

Please consider shifting some focus from frequent governance administration toward eUSD brand growth and outreach.

eUSD would benefit from creative awareness efforts that highlight its value proposition and the fintech revenue share, helping attract new participants, partners, and ultimately more TVL.

What is the strategy to grow eUSD beyond the legacy partnerships that existed before revenue sharing with the RToken Champion? And what is the plan to better communicate eUSD’s value to fintechs so more may join the rev share?

[IP] eUSD Rev Share with RToken Champion

Summary My name is Tom Sawyer and I go by 0xTomSawyer online and I have been a Reserve Ecosystem contributor since March of 2023 where I began putting the pieces together of what would eventually become High Yield USD. Based on my learnings with hyUSD and other RTokens in the ecosystem, I have started to concentrate some of my efforts into eUSD. Over the past few months I have spent a lot of time writing up proposals and moving these proposals through the governance process to make improvement…

[Smeddy]

Thank you for the write-up Tom.

I got two call-outs, sectioned below:

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I’m personally tired of the votes for revenue share, and it must be a time cost to all parties, one that causes friction with RSR stakers, and I bet it adds uncertainty on the FinTech’s end, knowing their yield could be yanked at any time.

Can there be any system where we offer them a one-year runway, with perhaps some stewards (yourself, Mallo, James, whoever) who could call shenanigans if they see fit (I doubt there would be, but as some safety marshalls)?

---

If those two FinTechs are, in the short term, eUSD’s only “clients”, then I guess I parrot James in that that energy could be spent on outreach / exchange listings / activity that brings in more users. Sentz and Ugly Cash have bought in and will focus on their customer bases, so what can be done to broaden the reach of eUSD further? There’s people around who will help with that.

eUSD has some great properties, unique in Reserve and in the landscape, but I kinda feel that it looks inwards rather than outwards.

[DollarQuestion]

I think JMG has a point. eUSD does seem like a global, world class brand that is as yet unknown. There is inherent lore with the PayPal nod and the name and logo suggest a universal top tier dollar coin. I think given the coming onslaught of stablecoin launches and issuers, it’s in a prime position to ride the wave of “stablecoin buzz”. Not to mention the ability to adapt and incorporate the very best collateral. Ironically, the more issuers that arrive, the more eUSD’s unique features have the ability to stand out. It is crucial that the superpowers of overcollateralization, diversified backing and rev share are communicated and hammered home - repeatedly. New eyeballs arrive daily, taking an interest in the power of stablecoins and mainstream is all about them lately, so “The Electronic Dollar” case must be made, not once but over and over again to catch these eyes. Preaching to the choir doesn’t have a downside at this point because it’s a small choir. I would need to put more thought in but I think the pitch needs to be made in various formats - threads, blogs, graphics, video and possibly even live presentations at appropriate venues. A stablecoin that is backed by only the best Bluechip rated issuers, that has built-in yield that can be pointed back at your fintech balances with essentially no startup costs is kind of a great pitch. It should be fleshed out and have content created around it and maybe even tailored for online targeted public campaigns - eg find appropriate fintechs that have expressed interest in stablecoin implementation and publicly (on X) make the case to them - at worst it is ignored, but even so, engagement and ancillary awareness will grow.

[rspa_StableLab]

@Smeddy

Can there be any system where we offer them a one-year runway, with perhaps some stewards (yourself, Mallo, James, whoever) who could call shenanigans if they see fit (I doubt there would be, but as some safety marshalls)?

Hey Smeddy, since these are on-chain parameters we’d need something called optimistic voting for these proposals. See here from Aragon for a full explainer: The Optimistic DAO: Aragon Govern + Aragon Voice + Aragon Court

Basically proposals pass unless vetoed (by a smaller quorum).

This would mean Tom could put up these parameter changes and they would pass without anyone voting, unless anyone with a bit of stRSR notices something’s off, and they veto the process.

This needs some dev-love. Tagging @mattimost and @tbrent here to gauge if that’s an option in the medium-term.

[R72]

Hi, long-time (multi-)staker and Reserve-believer here. As already posted on The Lodge, I have decided to unstake from eUSD (and USD3 and ETH+) recently (left a smaller portion in place for eUSD and USD3 to be able to continue to vote/govern). I’ll focus on the dollar-pegged RTokens/Yield DTFs here - and mostly from a simple staker perspective. There reason I unstaked is actually - unwillingly - evidenced by this Quarterly Report. It is very much ‘operational’ and ‘observation-based’. What I mean by that is that it seems all effort is in ‘running’ eUSD from an operational perspective and monitoring what is happening with it in the marketplace. I hardly see any evidence of actually ‘selling’ the strong proposition of overcollaterized, 1:1 asset-backed, highly safe/secure dollar-pegged DTFs. As a result, a potentially very strong proposition stalls on a mere $20-25M for eUSD for more than two years already. During that time the yield for stakers has declined to returns that (for me) does not justify risking my staked RSR. The risk of a depeg, granted, is relatively small for dollar-pegged stablecoins, but unfavorable governance actions have resulted in significant slashings in the past nonetheless. And, the worst thing, I don’t see this improving either. With no real focus on MCAP growth by new parties and with having to hand-over ever-greater parts of staking yield to FinTechs when they bring on new MCAP (effectively neutralizing the staking yield increase that would otherwise be the result from higher MCAP), there simply is a lack of ‘flywheel-potential’: (seriously) high MCAP should lead to (very) high staking yields, this should lead to more RSR being locked (reducing the yield again a bit) and likely positive effects on price. This all does not happen if MCAP is going nowhere and/or staking yield is limited by handing over large(r) portions of the yield to fintechs. This needs to change. eUSD deserves (much) stronger ‘business development’ and growth focus.

[Mallo]

Hi there,

Thanks for the in-depth review - certainly highlights some key metrics. TVL down and staking down - most notable TVL up from UglyCash.

I think this probably forms what eUSD is going to be seen as - if it can’t break out into the mainstream as a very safe stablecoin, it’s going to end up Ugly Cash’s stable of choice. There’s nothing wrong with that, but the market is so much bigger and I don’t think it’s easy enough to use to become anything other than a safe treasury token for apps and institutions - that said - there must be other apps who would benefit as well as other institutions - but who are they and where are they? Without some form of business development plan I don’t think we’re going to find them by Twitter.

I’m afraid I don’t have any time to put to this though - although some in the lodge might.

I agree wit the optimistic voting angle - just pass the votes unless there are significant objectors - but don’t have 400M RSR lodged by the team so a realistic negative vote can pass.

Sorry for the brief reply - just mega busy at the moment.

[mattimost]

optimistic about optimistic governance for streamlining regular operations in RToken governance! Taylor + Co are aiming to spend time exploring/designing in Q3/Q4.

[0xJMG]

You raise an important point @Mallo . In the recent eUSD proposal, two company wallets accounted for 391M votes, or 72% of the “yes” side. That can understandably feel discouraging for broader community participation.

From the five visible voters, at least four appear to be direct project affiliates or delegates. In practice, this gives the appearance the company selecting delegates, rather than the community doing so.

At the same time, there are 389 addresses holding voting power in eUSD, yet about 98% aren’t participating. That seems like a missed opportunity for engagement.

Would be great to hear from @nevin.freeman or @mattimost on what degree of priority decentralization is for eUSD and the wider Reserve ecosystem.

[Sawyer]

Excellent point James, lets tag @rspa_StableLab in this as well. Would be great to hear what Stable Labs view on this is.

[rspa_StableLab]

Hey @0xJMG and @Sawyer, good discussion on a very high level. You love to see it.

I understand James’ point about priorities and where to spend time

3% rev share only pays for so much.

I don’t think this is a quantitative question, though. @Sawyer you could do some evaluation where you think your time has the biggest impact, I suppose.

Is it the biweekly updates or would content and going after new partnerships matter more? What do you personally like to do most?

As governance facilitator we always love to see more voters participate. So if that can be achieved it’s a huge plus. For the project the number one priority is TVL growth I would say.