This report provides an overview of relevant metrics surrounding Web 3 Dollar(USD3) in Q1 of 2025. Taking a look at the governance performance both on the forums and onchain, TVL and other important DeFi metrics, and social media data. The goal being to keep everyone in the community up to date on all things USD3.
Market Cap and TVL:
Summary: This section looks at the total market cap of USD3 and the TVL accounted for in the Reserve Yield Protocol.
USD3 Total Market Cap: $35.1 Million previous $34.2 Million
Staked RSR: 643 Million RSR previous 645.5 Million RSR
USD3’s Total TVL in the Reserve Protocol(Market cap + Staked RSR): $39.3 Million previous $42.2 Million
Governance:
Summary: This section looks at all the governance proposals both onchain and on the forums.
Forum Proposals:
- [RFC] USD3 Collateral Basket Change Proposal 3
Outcome: This proposal was brought onchain
Onchain Proposals:
- [IP] USD3 Collateral Basket Change Proposal 3
Outcome: This proposal succeeded and was executed.
DeFi and Onchain Metrics
Transactions
USD3 transactions on Ethereum - 1,015 previous 1,123
Integrations
Summary: This section looks at the TVL of USD3 in all the different protocols.
Morpho
Gauntlet eUSD Core vault on Ethereum
- Total USD3 supplied to this market: $804.3K previous $520.2K
Curve
Curve Pools on Ethereum:
USD3/scrvUSD:
Total Pool TVL: $793K previous $1.2M
USD3: $389K previous $554K
scrvUSD: $369K previous $641K
USD3/sUSDe:
Total Pool TVL: $1.03M previous $998K
USD3: $306K previous $247K
sUSDe: $610K previous $652K
USD3/USDM:
Total Pool TVL: $1.02M previous $999K
USD3: $507K previous $419K
USDM: $492K previous $565K
USD3/sDAI:
Total Pool TVL: $1.31M previous $1.08M
USD3: $659K previous $463K
sDAI: $537K previous $529K
Social Media
Summary: In this section we look at the surrounding data and important metrics from the USD3 X account.
X Followers: 541 previous 467
X Impressions: 108K previous 107k
X Engagement Rate: 3% previous 2.6%
Conclusion:
In this quarter, we observed a slight increase in most metrics for USD3, which is an overall positive sign. However, the one metric that experienced a steep decline is the APY. There is little that can be done to alter this trend, as even with optimizing the basket, yields across the DeFi space have been extremely low. At the time of writing this report, sDAI yields 3.50% APY and sUSDS yields 4.50% APY, whereas most liquid markets (over $100M) offer similar APYs, emphasizing the scarcity of attractive yields in DeFi. According to the mandate, yield is not the priority for USD3, but remaining competitive is crucial. Once yields recover in the DeFi market, USD3 is well-positioned to emerge as one of the top yield-bearing stablecoins.
USD3 has two primary DeFi integrations: Curve and Morpho. The Curve pools are experiencing growth because both assets in each pool are yield-bearing, with the yield being realized in the base vAPY, and they are also earning additional CRV rewards on top. The Reserve ecosystem holds the most voting power of any non-founder entity in the Curve DAO, and the additional CRV rewards stem from Reserve’s ability to incentivize these pools through their voting power. This quarter, Morpho experienced a rise in USD3 utilization. The uptick in depositing USD3 and borrowing eUSD within the Gauntlet eUSD Core Vault on Morpho is likely because USD3 is a highly effective asset for implementing a looping strategy.
There was only one governance proposal this quarter: the Collateral Basket Change Proposal 3, which introduced Aave USDC V3 into the basket. At the time of writing the proposal, this particular asset had a higher yield than the Compound USDC V3 asset. Although all yields have since declined, the benefits of this proposal persist by improving diversity and increasing the scalability factor.
Social media presence this quarter has seen growth across followers, impressions, and engagement rate. Maintaining this level of growth from quarter to quarter is ideal. The engagement rate is relatively high, and the goal would be to grow followers and impressions while preserving the same level of engagement. During the week of March 10th, I experimented with paying to promote a post. This wasn’t an ad campaign, just a payment to boost the post’s visibility. The post garnered 51,000 impressions, but during that time, the engagement rate dropped significantly. Overall, in terms of USD3’s visibility, I believe continuing to experiment with paying to promote posts is a good idea, with the expectation that the engagement rate will drop. As this is the main metric I want to foster, I must ensure I don’t overdo paying to promote posts.
Disclaimer: This is everything that happened, a celebration of the community and an invitation to participate in the ongoing success of USD3. Continue to participate in the gov ops call, continue to participate on the forums and in onchain votes.
USD3: created on the Reserve Yield Protocol 
