Summary
An update to the existing ongoing proposal of sharing eUSD Revenue with participating fintechs, Ugly Cash and Sentz. The proposed proposal, if enacted, would update the Revenue Share in order to maintain compliance with the rules of the original revenue share proposal.
Original Revenue Share Programme Proposal.
Timeline
Balance Snapshot and RFC posted - Thursday 26/02/2026
IP Planned - Sunday 01/03/2026
Execution Planned - Monday 09/03/2026
Next Snapshot and RFC - Thursday 12/03/2026
Problem Statement
The eUSD Revenue Share Programme distributes revenue to participating fintechs using a rules-based and predictable framework, with allocations determined by relative eUSD balances at biweekly snapshot intervals. Revenue predictability is important to fintech participants, who rely on stable and transparent distributions when integrating eUSD into their products and planning incentives.
Over time, changes in eUSD supply and balance distribution cause revenue shares to drift from those ratified through governance vote. Without periodic updates, this drift creates misalignment.
Rationale
This proposal updates revenue shares strictly in line with the existing programme rules on a biweekly cadence. Until a revised Revenue Share Programme is ratified, updates will continue under this standard to preserve predictability, minimise governance overhead and maintain confidence for all participants.
Snapshot
The percentages are calculated based on the amount of eUSD the Fintech Apps are holding relative to the eUSD Market Cap. The data and formulas used to generate the tables above can be inspected here.
Timeline
Balance Snapshot and RFC posted - Thursday 26/02/2026
IP Planned - Sunday 01/03/2026
Execution Planned - Monday 09/03/2026
Next Snapshot and RFC - Thursday 12/03/2026
Risks
The degree of eUSD overcollateralisation is influenced by several factors, including collateral basket APY, the amount of RSR staked, the price of RSR and the proportion of revenue directed to stRSR.
Under the current programme, 100% of revenue generated from fintech-held eUSD balances is allocated to fintech participants. As fintech balances grow relative to non-fintech balances, the share of revenue directed to stRSR declines, reducing staking APY for RSR stakers.
Lower staking yields may lead some stakers to reduce or exit their staked RSR positions, decreasing the total amount of RSR securing eUSD. If sustained, this dynamic can reduce overall backing levels and increase tail risk in the event of a collateral default.
While bluechip asset and DeFi protocol selection reduces the likelihood of such events, the structural risk remains. A forthcoming update to the Revenue Share Programme is planned to address this misalignment by more fairly compensating RSR stakers for their governance role and the risk they bear in over-collateralising fintech balances.
Poll
- YAY, for the Revenue Share Programme Update
- NAY, against the Revenue Share Programme Update