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 
