eUSD Quarterly Report Q2 2026
eUSD is an overcollateralised, yield-bearing USD stablecoin targeting DeFi’s risk-adjusted rate, with yield from its collateral basket distributed across protocol treasuries, fintech partners and stRSR holders.
The purpose of this report is to inform and educate the wider Reserve community on eUSD activity, while serving as a reference library for governance and on-chain data. A secondary aim is how this data can drive and direct action amongst stakeholders over the next quarter.
Summary
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eUSD returned to modest growth in Q2, with market cap increasing 3.0% from $22.6m to $23.3m while total TVL remained broadly flat at $27.1m. Growth continued to shift toward Base, where market cap increased 14.0% as Mainnet supply declined 14.0%.
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FinTech adoption remained the primary source of growth, with balances increasing 13.4% from $14.0m to $15.9m. UglyCash drove almost all of this increase, growing 14.5% to $14.7m, while Sentz remained flat at $1.14m.
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DeFi supply continued to contract, falling 23.1% from $4.0m to $3.1m, led by a further 58.4% reduction in Morpho supply and declining Mainnet Curve liquidity. In contrast, Base performed more strongly, with eUSD supply across Curve and Aerodrome increasing 27.9% and 22.8% respectively.
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eUSD’s yield profile improved during Q2, with basket yield increasing from 2.68% to 3.32% (+64bps). FinTech yield similarly increased from 2.41% to 2.99%, contributing to a recovery in stRSR yield from 6.2% to 8.1%.
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RSR staking participation strengthened despite weaker RSR backing, with staked RSR increasing 19.8% from 2.52B to 3.02B tokens. However, the dollar value of staked RSR declined 14.5% to $3.84m, reducing RSR backing from 22% to 18%.
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On-chain activity continued to moderate despite holder growth. Mainnet holders increased 11.3% and Base holders 0.9%, while 90-day transfers declined 26.5% and 22.2% respectively, indicating lower on-chain activity despite continued holder growth.
eUSD Headline Metrics
Current eUSD Collateral Basket
Token Holder and Transfer Metrics
Supply Held by FinTechs
DeFi Integrations
Morpho (Mainnet)
Curve (Mainnet)
Curve (Base)
Aerodrome (Base)
Governance
Ongoing - eUSD FinTech Revenue Share Updates
Summary: Biweekly proposals required in order to accurately pair FinTech revenue share against the eUSD balances they hold. The terms of this agreement are outlined in the original FinTech Revenue Share Programme proposal and the more recent Revenue Share Adjustment Proposal (Q1 2026).
Governors remained extremely efficient this quarter as all update proposals hit quorum and passed the IP stage.
Implications for Governors
Q2 further reinforces eUSD’s transition toward a fintech-led product, with FinTech balances continuing to grow while DeFi supply contracts. For governors, the priority should be supporting the conditions for continued growth while managing increasing concentration around UglyCash and ensuring the Revenue Share Programme remains competitive for both integrators and stRSR holders.
The recovery in basket and stRSR yields is encouraging, although declining RSR backing remains an area to monitor. With Base showing comparatively stronger eUSD growth, governors should remain selective about where DeFi liquidity is supported while prioritising risk-adjusted yield and diversification across the collateral basket. With the current basket last rebalanced in January 2025, completing the ongoing review and rebalance should remain a priority for the coming quarter.