[REPORT] eUSD Quarterly Report Q3 2025

[Sawyer]

Welcome to the Q3 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 Q2	Underlying Asset TVL Q3	Delta(Q3/Q2)
Comp v3 USDT	33%	5.25%	$219M	$204M	-7%
Comp v3 USDC	33%	4.67%	$515M	$518M	+0.5%
Aave v3 USDC	33%	4.43%	$3.29B	$5.97B	+57%
eUSD blended APY		4.79%

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 3.7% of the TVL in Comp USDT, 1.4% of the Comp USDC, and 0.12% in Aave USDC. As the eUSD Market Cap continues to grow these will be important metrics to continue to monitor. Another metric to keep an eye on is the available liquidity of the underlying lending market. Currently the least liquid lending market that eUSD is supplying into is the Compound USDT with an available liquidity of 21.8M. With the supply position of $7.7M there is no real concern at this time. However, if eUSD were to see rapid growth and the supply position would exceed the available liquidity of this market then governors would be wise to take action.

eUSD Market Cap, TVL, and Other Core Metrics:

Mainnet:

Metric	Close of Q2	Close of Q3	Delta(Q3/Q2)
Market Cap ($)	$12,204,540	$13,980,000	+13.5%

Base:

Metric	Close of Q2	Close of Q3	Delta(Q3/Q2)
Market Cap ($)	$8,588,380	$8,973,925	+4.3%

Total:

Metric	Close of Q2	Close of Q3	Delta(Q3/Q2)
Market Cap ($)	$22,601,000	$23,219,661	+2.7%
Staked RSR ($)	$20,727,322	$16,287,602	-7.3%
Staked RSR (RSR)	2.55B	2.55B	NA
Overcollateralization (%)	83%	72%	-14%
RSR Staking Yield	4.0%	4.9%	+20%
Total TVL	$43,328,322	$37,011,648	+15.7%

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. Quarter over quarter we saw a growth in eUSD total market cap by about $600K. The other notable metric is the decline in dollar figure of staked RSR on eUSD, this could be attributed to a few users unstaking their RSR on eUSD but it could also be due to the volatility of the underlying price of RSR. Even with the slight decline in the protection of the first loss capital pool, eUSD’s overcollateralization remains sufficient.

DeFi and Onchain Metrics

Transactions on Each Network:

Mainnet:

Metric	Close of Q2	Close of Q3	Delta(Q3/Q2)
Holders	265	314	+16.9%
Total Transactions	33,762	50,858	+40%

Base:

Metric	Close of Q2	Close of Q3	Delta(Q3/Q2)
Holders	23,561	23,921	+1.5%
Total Transactions	54,270	59,663	+9.4%

Integrations

Morpho

Mainnet:

Morpho Gauntlet eUSD Core Vault	Close of Q2	Close of Q3	Delta(Q3/Q2)
Total Deposits	$7.72M	$7.83M	+1.4%

Base:

Morpho Re7 eUSD Vault	Close of Q2	Close of Q3	Delta(Q3/Q2)
Total Deposits	$6.98M	$5.86M	-17.4%

Curve

Mainnet:

TriRSR Pool	Close of Q2	Close of Q3	Delta(Q3/Q2)
RSR	199M	257M	+25%
eUSD	$1,548,803	$1,675,712	+7.8%
ETH+	499	352	-34%
Total Pool TVL	$4.6M	$5M	+8.3%

eUSD/USDC Pool	Close of Q2	Close of Q3	Delta(Q3/Q2)
eUSD	$4.7M	$2.6M	-57%
USDC	$6.0M	$2.5M	-82%
Total Pool TVL	$10.7M	$5.2M	-69%

Aerodrome(Base):

USDC/eUSD Concentrated Stable	Close of Q2	Close of Q3	Delta(Q3/Q2)
eUSD	$1.8M	$71K	-185%
USDC	$1.1M	$1.3M	+16%
Total Pool TVL	$2.9M	$1.4M	-69%

USDC/eUSD Basic Stable	Close of Q2	Close of Q3	Delta(Q3/Q2)
eUSD	$1.1M	$698K	-44%
USDC	$1.02M	$766K	-29%
Total Pool TVL	2.1M	$1.4M	-40%

hyUSD/eUSD Basic Stable	Close of Q2	Close of Q3	Delta(Q3/Q2)
eUSD	$1.8M	$1.3M	-32%
hyUSD	$1.6M	$1.2M	-28%
Total Pool TVL	$3.6M	$2.7M	-28%

Summary: Last report we talked about Reserve’s participation in the Curve Wars and the plan to incentive onchain liquidity, however this quarter we’ve seen a decline in every pool that Reserve is incentivizing. The one pool that we’ve seen an increase in TVL has been the TriRSR pool, which is the only pool where incentives are not going. The decline in TVL could potentially be due to the August 2025 reduction in CRV emissions which occurred automatically and did not require a community vote.

Governance:

Proposal: [IP] eUSD FinTech Revenue Share Updates x 6

Outcomes: All Proposals Passed

Summary: Overall governors were extremely efficient this quarter. There were 6 Fintech RevShare update proposals and they all passed and hit quorum.

Fintech Revenue Share

eUSD Holdings

FinTech	Close of Q2	Close of Q3	Delta(Q3/Q2)
UglyCash	$3,391,479	$5,313,364	+44%
Sentz	$1,103,054	$1,116,676	+1.2%

Summary: The FinTech RevShare program is an ongoing proposal of sharing some of the underlying eUSD Revenue with FinTechs who use and promote eUSD for their customers. Quarter over quarter we’ve seen UglyCash grow significantly and they surpassed 5m of assets under custody which are held in eUSD. Another big milestone that happened this quarter for UglyCash is hitting $50,000,000 in total payment volume in 3 months.

Read More about the Original FinTech RevShare Program here:

Social Media

Social Media	Close of Q2	Close of Q3	Delta (Q3/Q2)
Posts	87	54	-46%
Impressions	60,042	14,108	-76%
Engagement Rate	3.4%	1.9%	-41%
Followers	517	545	+13%

**
Summary**: This quarter saw a steep decline across most metrics with the exception of followers. The main concern with this data set is the drop in engagement rate. The engagement rate is the key metric that we look to try and improve/maintain. The drop in engagement rate is not as concerning since we’ve seen an increase in the followers. Moving onto the decline in impressions, there is one main reason behind this drop, and that’s the lack of organic retweets we saw from other more established accounts. There is little we can do to control this, but overall there is some work to be done to try and improve these numbers across the board for next quarter.

Conclusion:

That concludes the Q3 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

[josh]

UGLYCASH × eUSD Q3 Update

Hey eUSD community

As discussed on previous threads, we wanted to share a quarterly update on how things are going with our eUSD usage and the revenue-sharing program.

Customer Balance Growth
You’ve probably noticed the steady climb in the UGLYCASH wallet assets under custody — our UGLYCASH customers cumulative digital dollar balance grew from $3.8MM to $6.1MM this quarter, including a $1M jump in September alone.

Revenue Plan & Business Sustainability
In July we rolled out a monetization model that’s made the core stablecoin neobanking business more sustainable. Revenue in August was 3× June’s, and while that briefly slowed growth as we lost price-sensitive users, the recovery and quality of growth since have been even stronger.

Getting to positive Gross Margins will allow us to scale our impact.

While we don’t draw positive margins from eUSD APY, we do from (1) UGLY Card Spend (2) Crypto Investment Buy & Sells (3) Withdrawals to local currency (4)deposits from international payroll.

Africa Launch
We expanded into Africa in August — early traction is encouraging, with the region now accounting for 3% of active users. The learning curve is steep, but it’s already paying off in insights about how to serve diverse stablecoin banking environments.

DTFs: The Next Frontier
We launched a seamless UX for investing in DTFs. Further Integrating the increasing value of the Reserve ecosystem.

We offer four DTFs, all seeing healthy exploration volume. Most users are testing with smaller amounts for now, but after the recent 10–20% 7-day gains, curiosity is building and the # of unique daily buyers is close to our BTC & ETH buyers.

A great early sign for DTFs mainstream adoption.

Q4: Expanding Utility
Next quarter high level focus is:

• Rolling out stronger local banking features in high-growth regions

• Launching global banking tools making eUSD stablecoin balances more usable in 100+ countries.

• Running social + finance experiments that make saving and spending with friends more fun to talk about & build community.

We’re seeing thousands of new app downloads weekly, powered by our community-driven attention engine. Proof that financial products can be both social and sticky.

Closing Rev Share Thoughts
We’re watching closely how much migration may occur if DeFi APYs stay strong while Treasury yields decline as Genius Act payment stablecoins could look less attractive soon.

Our largest customer custody market, El Salvador, is still not yet held in eUSD. Although we now have a clear legal path to enable that from the local regulator. Bringing it under our eUSD custody umbrella in Q4 would represent a significant jump in total eUSD AUC.

We believe we’re approaching a growth inflection point, where product led growth loops and referral rates become self-reinforcing. With that momentum, an aggressive result would be to cross $10M in assets under custody this quarter. Including $100K+ in DTF AUC.

- Josh
Co-Founder @UGLYCASHUGLYCASH

[Raphael_Anode]

This is exactly what is needed! Thank you josh!

I’m looking forward to many more of those with similar charts pointing up and to the right.

cc @0xJMG

[mattimost]

Thanks for the extensive update @josh ! What a great read.

[ham]

Tremendous work here guys, thank you for listening to and acting on the concerns of governors. The added colour from UglyCash is excellent and greatly appreciated.

@josh Do you plan to offer ETHplus to your user base in the near future? While this does add further education and risk layers i’d imagine a reasonably sized cohort of your users would be interested, or do user surveys say differently? Also a minor request but could you kindly put titles on your graph axis for the next quarterly report? Finding it hard to interpret the data on the second and third chart without.

[henry]

Greetings from Sentz!

As we near 2025’s holiday season, the Sentz Team is proud to provide some updates about our company’s progress in introducing eUSD to the world. We could gush for days about all of our progress we’ve made this year, but promise to keep it to only the eUSD highlights. Thank you to all of our partners, customers, and employees for a fantastic 2025 - and an even more promising 2026.

Nigeria-first GTM, Global Reach

For those unfamiliar with Sentz, we are a global payment app that helps anyone send, receive, and save cross-border payments using eUSD bridged to the Sentz blockchain. The Sentz app and blockchain offers customers a digital cash experience not available on any other platform:

• the Sentz app is fully self-custodial: your money is yours;

• the Sentz public, decentralized ledger is end-to-end encrypted so that nobody (including us) knows when you transact, your balance or your counterparties;

• Sentz transactions have fees that are a fraction of a cent, and nearly instant, with single block finality; and,

• Sentz is fully mobile-device friendly without giving up keys, privacy, or performance to server infrastructure.

While we’ve seen eUSD ramp activity from customers in 100+ countries over the past few months, Nigeria continues to be the primary focus of our GTM efforts. We selected Nigeria due to its growing population, strong familiarity with stablecoins, and significant cross-border payment activity.

Nigerians primarily use Sentz for three reasons:

1. Freelancers and gig workers send invoices and get paid by international clients.

2. Family and friends use our payment request functionality to send and receive funds, both on a one-off and recurring basis.

3. Customers swap fiat for eUSD to hold or save as a way to hedge against inflation.

Since launching in Nigeria in Q2 ’24, we’ve become one of the country’s fastest-growing payment apps—even landing on the App Store’s “Fastest Growing FinTech Apps” list! More than 450,000 Nigerians have created Sentz wallets (our global wallet count is significantly larger), with millions of eUSD moving throughout our system for payments and savings.

We’ve seen consistent organic growth across our invoicing, payment requests, and P2P payments products, and the number of countries sending and receiving cross-border payments through Sentz continues to expand. Some exciting proof points to share:

• Cross-Border Payments: 71 source countries, 34 destination in Q2 & Q3

  • 61 Countries sending to Nigeria

• Top Cross-Border Corridors by Payment Counts in Q2 & Q3

  • US → Nigeria & Nigeria → US

  • Hungary → Ukraine

  • Germany → Great Britain

  • US → Kenya

  • Brazil → Spain

• Global Activity

  • 105 Countries with Ramps activity in Q2 & Q3

  • Highest Volume Countries

    • US 32%

    • Nigeria 26%

    • Cameroon 10%

    • Germany 6%

    • Spain 4%

• Cross-Border Invoices & Payment Requests

  • Top Fulfilled Countries

    • US 40%

    • Israel 11%

    • Germany 6%

    • Australia 3%

    • Poland 3%

Launch of Sentz Earn

Time and time again, we heard the same feedback from customers: they love Sentz’s simple UI and its fast, inexpensive product experience. Our team could have stopped there, but we challenged ourselves to improve the Sentz app even further—both for our customers and for ourselves. We asked, “How can we encourage customers to hold an eUSD wallet, whether they use the app for cross-border payments or simply to hedge against inflation by holding eUSD?”

Our brilliant product and engineering teams created Sentz Earn to do exactly that. Sentz Earn is an opt-in program that allows Nigerian customers to earn variable-rate rewards—currently up to 8%—on their eUSD balance, all while maintaining full self-custody of their funds. To participate, customers must complete KYC via SmileID and have at least $1 in their wallet. Rewards are calculated in real time, and customers can claim them once they reach the minimum claimable amount of $0.01.

We made Earn opt-in because of our focus on customers being in control of their financial data. Since our blockchain prevents anyone, including us, from knowing our customers’ balances and who they are transacting with, and the Sentz app has the cryptographic keys to customer’s wallet, not us, we need the Sentz app to self-report when funds arrive so that these funds can start earning rewards. We developed new cryptographic proofs that the Sentz app shares with our Earn service that ensure the owner of these funds is the only one who can claim earnings on them, and also that allows Earn to determine when these funds are spent. Thus while the customer opts-in, they do not have to keep a separate balance, or turn over custody of their funds that are earning rewards.

Why require customers to claim their rewards instead of automatically distributing them? Because we wanted to build a product that increased Sentz’s stickiness—one that rewards our most active customers for using Sentz for payments and prompts a quick action to collect their earnings. Also, recall that we don’t know about our customer’s funds until the app reports them to the Earn service. By bringing them back into the app to claim, the Earn service learns about any funds that have arrived since the Sentz app was last used and back-calculates rewards to when those funds were received by the customer.

It was an immediate hit. Within the first 90 days of launch, more than 50,000 Sentz wallets adopted Sentz Earn. To aid with customer acquisition in Q3’25, we ran a hugely successful, company-funded incentive campaign to enroll people in Earn. While the sharp spike in Earn TVL it created was short lived (customers gave us feedback that they couldn’t keep funds locked up in Earn because they needed funds to live on), it established a new, higher Earn TVL baseline, from which we continue to see slow growth. Our primary focus continues to be on being the best way for Nigerian Freelancers to get paid for their work, with the goal of bringing in new customers and adding to our existing customer’s balances, building the eUSD TVL.

Q3 ’25 became our highest-volume quarter ever. The launch—and rapid adoption—of Sentz Earn was a significant driver of this growth.

Future of eUSD in Sentz

The future is bright for eUSD, thanks to our Nigerian and global customers—and to all of you reading this today. As the Sentz team plans for 2026, our roadmap continues to be guided by one overarching goal: growing and scaling eUSD adoption and volume through our rails. We have a number of strategic launches planned to help us achieve this.

If you’re curious about what’s ahead, we encourage you to download Sentz and give it a try (though some features and products, like Earn, are currently available only to Nigerian customers). No matter where you are, we think you’ll be excited about what’s coming next.

Have a great holiday season,

The Sentz Team (CMO Kyle Zink, CTO Henry Holtzman & CEO Sara Drakeley)

[ham]

Wow, thanks for the update @henry. Really appreciate you and the team neatly packaging and presenting this data on our forum. It’s encouraging to see that while we’ve seen slow eUSD balance growth for Sentz on Sawyer’s bi-weekly Revenue Share Proposals that you’re seeing growth in focussed markets, potentially banking the unbanked and contributing to Reserve’s wider goals of eradicating inflation. Goals that I think all RSR stakers can get behind.

The Revenue Share Programme is great for a number of reasons but also has it’s failing as well. One thing a few others and I have been very vocal about is the lack of transparency between fintechs and RSR stakers. In this vein, while not mandated by the Revenue Share Programme, would you be happy to return to the forums every quarter a report back on any growth metrics you can share publicly to keep us updated on your progress?

I’d like to also highlight the current discussion around updating the eUSD collateral basket. It would be good to know how a higher yield profile would impact the number of holders and the size of their balances and how they approach risk.

Happy Holidays