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.
- the most significant product update we’ve ever shipped. More on that below.
- 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