[REPORT] eUSD Quarterly Report Q4 2025

[Sawyer]

Welcome to the Q4 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 Q3	Underlying Asset TVL Q4	Delta(Q3/Q4)
Comp v3 USDT	33%	3.57%	$204M	$214M	+4.7%
Comp v3 USDC	33%	3.61%	$518M	$415M	-22%
Aave v3 USDC	33%	3.29%	$5.97B	$4.63B	-25%
eUSD blended APY		3.49%

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 4.5% of the TVL in Comp USDT, 2.3% of the Comp USDC, and 0.21% in Aave USDC. As the eUSD Market Cap continues to grow these will be important metrics to continue to monitor.

In the eUSD Q3 quarterly report, the blended yield was just under 5% APY. It has since declined to the current level of 3.49% APY, largely due to a broader trend of significantly falling APYs across the crypto market.

eUSD Market Cap, TVL, and Other Core Metrics:

Mainnet:

Metric	Close of Q3	Close of Q4	Delta(Q3/Q4)
Market Cap ($)	$13,980,000	$13,780,000	-1.4%

Base:

Metric	Close of Q3	Close of Q4	Delta(Q3/Q4)
Market Cap ($)	$8,973,925	$15,310,952	+52%

Total:

Metric	Close of Q3	Close of Q4	Delta(Q3/Q4)
Market Cap ($)	$23,219,661	$29,225,597	+22%
Staked RSR ($)	$16,287,602	$6,150,112	-90%
Staked RSR (RSR)	2.55B	2.67B	+4.5%
Overcollateralization (%)	72%	26%	-93%
RSR Staking Yield	4.9%	8.4%	+52%
Total TVL	$39,507,263	$35,375,709	-11%

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, eUSD’s total market cap increased by approximately $6.1 million. This growth was driven by positive developments in the Morpho Markets and expanding assets under custody at UglyCash. Gaining traction among both DeFi participants and real-world users is a strong positive signal for the overall Reserve Ecosystem.

DeFi and Onchain Metrics

Transactions on Each Network:

Mainnet:

Metric	Close of Q3	Close of Q4	Delta(Q3/Q4)
Holders	314	406	+25%
Total Transactions	50,858	59,486	+15%

Base:

Metric	Close of Q3	Close of Q4	Delta(Q3/Q4)
Holders	23,921	24,477	+2.2%
Total Transactions	59,663	71,142	+17%

Integrations

Morpho

Mainnet:

Morpho Gauntlet eUSD Core Vault	Close of Q3	Close of Q4	Delta(Q3/Q4)
Total Deposits	$7.83M	$8.24M	+5.1%

Base:

Morpho Re7 eUSD Vault	Close of Q3	Close of Q4	Delta(Q3/Q4)
Total Deposits	$5.86M	$6.26M	+6.6%

Curve

Mainnet:

TriRSR Pool	Close of Q3	Close of Q4	Delta(Q3/Q4)
RSR	257M	397M	+42%
eUSD	$1,675,712	$1,130,077	-38%
ETH+	352	338	-4.1%
Total Pool TVL	$5M	$3.3M	-40%

eUSD/USDC Pool	Close of Q3	Close of Q4	Delta(Q3/Q4)
eUSD	$2.6M	$3.1M	+17%
USDC	$2.5M	$2.4M	-4.1%
Total Pool TVL	$5.2M	$5.5M	+5.6%

Aerodrome(Base):

USDC/eUSD Concentrated Stable	Close of Q3	Close of Q4	Delta(Q3/Q4)
eUSD	$71K	$357K	+133%
USDC	$1.3M	$251K	-135%
Total Pool TVL	$1.4M	$609K	-80%

USDC/eUSD Basic Stable	Close of Q3	Close of Q4	Delta(Q3/Q4)
eUSD	$698K	$264K	-90%
USDC	$766K	$292K	-89%
Total Pool TVL	$1.4M	$557K	-80%

LCAP/eUSD Basic Volatile	Close of Q3	Close of Q4	Delta(Q3/Q4)
eUSD	NA	$39K	NA
hyUSD	NA	$39K	NA
Total Pool TVL	NA	$78K	NA

Summary: The most significant data point is the strong quarter-over-quarter growth in TVL across the eUSD Morpho Markets. Both the Base and Mainnet vaults are receiving additional eUSD incentives, and these appear to be effective, as TVL continues to grow.

The eUSD/USDC Curve pool recorded solid growth over the past quarter. In contrast, Aerodrome pools on base experienced sharp declines across the board. One noteworthy data point to continue to monitor is the recent launch of the LCAP/eUSD Basic Volatile pool. While its TVL remains small, it is actively incentivized and currently offers up to 51% APR as of this report.

Governance:

Proposal 1: [IP] eUSD FinTech Revenue Share Updates x 6

Outcomes: 5 Proposals Passed, 1 Missed Quorum.

Summary: The following proposal: [IP] eUSD FinTech Revenue Share Update 2025-12-10 failed to reach quorum because ABC Labs did not participate in this poll. ABC Labs underwent operational changes during December and they did not vote.

Proposal 2: [RFC] eUSD Collateral Basket Change Proposal 5

Outcome: 5 For, 0 Against

Summary: The proposal is intended to increase the yield profile of eUSD, this would benefit the FinTechs and RSR stakers. The new asset backing is under investigation to determine if it is compatible for both Sentz and UglyCash in their respective earn programs. Additionally, the plugins are being developed. This proposal will move onchain when there is more clarity surrounding the FinTechs approval of this basket change.

Fintech Revenue Share

eUSD Holdings

FinTech	Close of Q3	Close of Q4	Delta(Q3/Q4)
UglyCash	$5,313,364	$10,609,245	+66%
Sentz	$1,116,676	$1,127,874	+0.9%

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, UglyCash saw significant growth in assets under custody, increasing by $5.3 million, while Sentz recorded a rise of $11,000. UglyCash has now surpassed the $10 million milestone, reaching a balance of $10,609,245 in assets under custody as of this report.

Read More about the Original FinTech RevShare Program here:

Social Media

Social Media	Close of Q3	Close of Q4	Delta (Q3/Q4)
Posts	54	32	-51%
Impressions	14,108	17,496	+21%
Impressions/Post	261	546	+70%
Engagement Rate	1.9%	2.8%	+38%
Followers	545	577	+5.7%

Summary: This quarter, I started tracking a new metric: impressions per post. The idea is to get a better sense of how well each post is performing. With yields across crypto in decline significantly, I’ve been experimenting with different content—focusing more on what makes eUSD unique beyond just the farming opportunities. I.e posting about yield opportunities below 5% offers limited value.

Lastly, seeing the followers, impressions and engagement rate all increase this quarter is a huge testament to the growing community.

Conclusion:

That concludes the Q4 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]

Thanks for the report Tom.
A few questions:

What is eUSD doing to recruit a diverse array of governors, make them feel included and heard, and leverage their competencies, etc?
Potential benefits:

• Easy to pass quorum without ABC Labs
• eUSD lives up to its credible neutrality

Is eUSD pursuing additional Fintechs? if yes can you share more information on how, or lessons learned in prior attempts?

If eUSD is not pursuing additional Fintechs can you share what is being pursued via content, comms or outreach?

Thank you for considering.

[Mr_Bones]

Thanks for putting this all together!

Could I get quick run down on how the ‘Delta’ columns are calculated? It doesn’t seem to be a simple percent change (Q4/Q3 - 1), at least from my initial analysis. The delta also appears to be positive for Social Media posts even though posts decreased from 54 to 32?

[Sawyer]

[ (X1-X2) / [(X1 + X2)/2] ] x 100

Delta is the percentage difference between two numbers

Good Catch on the X posts, I’ve fixed.

[Braden]

Where are the Ugly Cash and Sentz updates?

@nevin.freeman @josh @gabo @henry

[ham]

I also appreciated the updates from UC and Sentz on the previous report. They went a long way toward addressing the transparency and reporting concerns raised by the community in late 2025.

It was a meaningful step towards increasing their presence on the forum and establishing a strong relationship with the community. The foundation is important, as we can then start discussions around their needs and wants on adequate over-collateralisation, yield expectations and diversification profiles as we consider changes to the Revenue Share Programme. It would be a shame to lose that momentum.

[Raphael_Anode]

Good callout! I reached out via forum DM too.

[Mallo]

Hi there,

Would also appreciate some eUSD updates if available. Also to touch on the deltas :

I usually go from existing to new for a delta - so 71k to 357k would be 403% and 1.3M to 251k would be -80.7% - more than 100% decrease seems a bit odd.

[josh]

UGLYCASH × eUSD — Q4 (+1st half Q1) Update

Hey eUSD community

Happy Valentines Day.

Spending the time catching up with you & my laundry list of not urgent but important.

So far this year, we’ve been heads down on two significant things.

1. the most significant product update we’ve ever shipped. More on that below.
2. Improving our fundraising readiness by enhancing our revenue, margins & distribution engines.

For those that saw our community update in the Jan community call, some in this mid quarter post will be repetitive

---

1) A Growing Global Footprint

We continue to grow across regions, with an initial wedge in markets where economic opportunity & local fintech/banking gaps are real.

Approaching 30k monthly active members.

---

2) eUSD Traction

• $10.1MM eUSD in customer wallets
• still ~$1MM+ month over month growth

El Salvador regulators formally accepted eUSD as an asset backed token, and we were able to move the deposits over from USDC in Dec, bumping our AUC considerably.

We do expect upcoming occasional dips in AUC as we update APY benefits based on current yield environment. And other boosting experiments.

A small number of larger holders likely to rotate capital out.

But, it will be healthy for our usage of RSR incentives to customers to more closely align with market expectations AND spread out the benefits for true growth.

---

3) RSR in More Hands

• 52MM RSR distributed via usage rewards
• ~30% remains held
• ~7,300 members holding

This means RSR is moving into real user hands, not just sitting idle.

Participation is expanding and what we can do with this RSR invested customer base in time is really exciting to us.

---

4) DTF Early Traction

~30% of weekly buyers are choosing DTFs over BTC or ETH.

Mostly b/c they see the 7 day return higher than BTC/ETH and are experimenting with it, not b/c they are deeply fundamental investors.

Volumes and AUC are still small in LatAm, but behavior is promising.

---

5) Revenue Efficiency Improving

Investors care about efficiency, not just growth.

Over the past year we’ve improved our burn ratio from 4.1x → 3.3x → 1.7x. We are now tracking toward ~0.8x territory by next quarter.

This is not about burning RSR treasury.
It’s about building a real, sustainable business.

The stablecoin balance & investment layers becomes stronger as the operating business becomes healthier.

---

What We’ve Been Building

We’re becoming more explicit about what we are bringing to fruition.

UGLYCASH is the Opportunity App. Give it a watch. (YouTube link)

This includes:

• Non custodial wallet infrastructure
• Broader RWA integrations
• Social discovery around financial opportunities
• A cleaner, evolving in-app DTF experience

This is foundational. UX will continue to improve by segment.

---

UGLYCASH’s usage of USD RToken

We’ve appreciated the low touch approach for the FinTech rev share program so we can focus on the hard things that will enable building 100x value.

We also realize getting over $10MM AUC, and being the #1 source of eUSD growth, has made people want to address the designed imbalance that made sense when we are going 0 to 1.

While we’re excited to eventually work the long term solution. We’d support a band aid update like the 90/10 split for fintechs that @nevin.freeman mentioned on Telegram.

Longer Term Yield Design

Our customers are not homogeneous.

Some are month-to-month transactors who prioritize security and predictability.

Others actively chase yield and accept higher risk.

Designing multiple APY tiers, staking optimizations, or collateral experiments affects:

• Staker economics
• UGLYCASH margin
• Liquidity concentration
• Product complexity
• Growth velocity

At ~$10MM AUC, yield structure optimization does not materially change ecosystem outcomes.

What does materially change outcomes is:

• Growing AUC
• Increasing usage
• Expanding utility
• Improving distribution and finding 10x more customers.

At $50–100MM AUC, structural yield design becomes economically meaningful and worth the complexity.

That is when it likely becomes a priority.

And we’d start running contained experiments on our customer segments without introducing premature complexity that could slow growth.

Our current mental model:
Scale first.

Make this an inevitable distribution channel for opportunity through DTFs.

Optimize second.

---

Appreciate everyone rooting us on

Josh Furnas
Co Founder, UGLYCASH

[glock]

Thank you for this beautiful update. Very exciting

[Braden]

Thank you, Josh! Exciting see your hard work pay off.

[Raphael_Anode]

This is dope!! Thanks for bringing these updates to the forum. They mean a lot to the community and eUSD stakers in particular.

[ham]

Thank you for taking time out of your Valentine’s Day to provide this update Josh. As you can see from the comments, the community genuinely appreciates the effort to come to the forum and share progress from UglyCash.

I particularly enjoyed this update. It is clear you have a strong understanding of what eUSD stakers value and you articulate well how UglyCash continues to further that mission. One of the most interesting points for me is how you are simultaneously supporting the wider Reserve ecosystem through deep eUSD and index DTF distribution, while also building an in app RSR community of your own. I would be interested to understand more about how users become eligible for usage rewards. Is this driven by holding USD balances or another mechanism?

While there may be some education required to highlight that index DTFs are also powered by Reserve, there is a strong alignment in distributing DTFs to users who are already economically aligned with the ecosystem. I am keen to see how this develops over time.

I also appreciate the UC team staying engaged with recent discussions around eUSD and recognise that there are limits to how much bandwidth can be allocated to updating the revenue share programme. That said, the current structure has become difficult to justify given the lack of a clear path to fairly compensate eUSD stakers for their activity and risk over the short to medium term. Thank you for considering and preemptively agreeing to the 90/10 revenue share direction. I expect to have a draft proposal ready for your review in the next 2 to 4 weeks. Following discussion with the DRF, Anode, ABC and your team, we can bring this to the community and, if sentiment is favourable, proceed to an onchain vote. I appreciate your time and hope we can move this process forward smoothly.