{"id":"pmusd","title":"pmUSD","content":"**Precious Metal USD (pmUSD)** is a partially collateralized [stablecoin](https://iq.wiki/wiki/stablecoin) issued by the [Real World Asset (RWA)](https://iq.wiki/wiki/real-world-assets-rwas) protocol [RAAC](https://iq.wiki/wiki/raac). The [stablecoin](https://iq.wiki/wiki/stablecoin) is designed to maintain a stable value [pegged](https://iq.wiki/wiki/currency-peg) to the U.S. dollar, primarily backed by tokenized gold and other [real-world assets](https://iq.wiki/wiki/real-world-assets-rwas). It functions as a core component within RAAC's [decentralized finance (DeFi)](https://iq.wiki/wiki/defi) ecosystem, facilitating lending, borrowing, and yield-generating activities while providing users with on-chain exposure to tangible assets. [\\[1\\]](#cite-id-26iocCEHTybIIF9o)​\n\n## Overview\n\npmUSD is [RAAC’s](https://iq.wiki/wiki/raac) gold-backed [stablecoin](https://iq.wiki/wiki/stablecoin), designed to provide partial collateralization through tokenized precious metals, primarily I-ON Digital Corp’s ION.au gold tokens, and potentially other [real-world assets](https://iq.wiki/wiki/real-world-assets-rwas), such as additional precious metals or real estate. It is created for use in [DeFi](https://iq.wiki/wiki/defi) applications, enabling borrowing, lending, and yield-generation strategies while maintaining a stable peg. The [stablecoin](https://iq.wiki/wiki/stablecoin) is issued on-chain and integrates with RAAC’s lending pools, vaults, and index products, giving users exposure to tangible assets in a programmable, composable format.\n\nThe initial public distribution of pmUSD was conducted through a $1 million bond sale on ApeBond. Instead of a direct token sale, the event used a bonding mechanism designed to establish liquidity and encourage longer-term participation. Participants contributed [stablecoins](https://iq.wiki/wiki/stablecoin) or other [crypto](https://iq.wiki/wiki/cryptocurrency) assets and received vesting [non-fungible tokens (NFTs)](https://iq.wiki/wiki/non-fungible-token-nft), which represented claims to pmUSD that unlocked over a predetermined vesting period. This structure allowed the protocol to distribute tokens gradually rather than immediately releasing them into circulation.\n\nThe launch approach was intended to support several operational objectives. Assets contributed during the bond sale became part of the protocol’s treasury, helping establish protocol-owned liquidity from the outset. Participants obtained pmUSD at a discounted rate relative to its peg, and the system included additional incentives such as ecosystem rewards and points multipliers. The vesting schedule also aligned early participants with the longer-term development of the protocol by limiting the ability to sell newly acquired tokens immediately after the sale. [\\[2\\]](#cite-id-YFmd2k2yUbEsAlAZ) \n\n## Technology and Mechanism\n\nThe technical design of pmUSD is based on a fork of [f(x) Protocol](https://iq.wiki/wiki/fx-protocol) 1.0 and operates through a system described as an RWf(x) collateralized debt position (CDP) [stablecoin](https://iq.wiki/wiki/stablecoin) silo structure. In this model, each type of collateral asset is managed within a separate vault, or “silo,” which isolates the risks associated with that asset class. This structure is intended to prevent volatility in one form of [collateral](https://iq.wiki/wiki/collateral), such as gold, from affecting the stability of the broader system.\n\nThe [minting](https://iq.wiki/wiki/minting) process separates the stable component of [collateral](https://iq.wiki/wiki/collateral) from its volatile component. When a user deposits [collateral](https://iq.wiki/wiki/collateral), the protocol creates a net long position on the underlying asset and divides that exposure into two tokens: pmUSD and xGOLD. pmUSD represents the [stablecoin](https://iq.wiki/wiki/stablecoin) portion designed to maintain a [peg](https://iq.wiki/wiki/currency-peg) to the U.S. dollar, while xGOLD is engineered to absorb price volatility from the underlying gold reserves. The protocol retains the xGOLD token internally rather than distributing it publicly, allowing it to function as a buffer that contains price fluctuations. Through this structure, pmUSD operates as a synthetic, partially collateralized [stablecoin](https://iq.wiki/wiki/stablecoin) whose stability is maintained through overcollateralization and the internal management of volatility. [\\[2\\]](#cite-id-YFmd2k2yUbEsAlAZ) [\\[3\\]](#cite-id-D5BoyQJETcIfaCu0) \n\n## Collateralization\n\npmUSD is backed by a pool of tokenized [real-world assets](https://iq.wiki/wiki/real-world-assets-rwas), with valuation and transparency mechanisms intended to support the stability of the [stablecoin](https://iq.wiki/wiki/stablecoin). Its primary collateral consists of tokenized in-situ gold reserves provided through a partnership with I-ON Digital Corp., which issues the gold-backed token ION.au used within the system. Although gold serves as the core [collateral](https://iq.wiki/wiki/collateral) asset, the protocol is designed to allow additional tokenized [real-world assets](https://iq.wiki/wiki/real-world-assets-rwas) to be integrated over time, including other precious metals or real estate. To manage risk, the protocol values its underlying gold reserves conservatively by applying an approximately 80% discount to the real-time spot price when calculating collateralization. This approach results in an estimated 5:1 reserve ratio, creating a buffer intended to reduce the impact of gold price volatility on the system. Technical documentation generally characterizes pmUSD as a synthetic, partially collateralized [stablecoin](https://iq.wiki/wiki/stablecoin) that relies on a collateralized debt position model and overcollateralization rather than a strict 1:1 asset backing. Its structure also separates volatility into a leveraged token component, allowing the [stablecoin](https://iq.wiki/wiki/stablecoin) to maintain stability while the underlying asset exposure fluctuates. [\\[3\\]](#cite-id-D5BoyQJETcIfaCu0) ","summary":"pmUSD is a stablecoin from RAAC, partially backed by tokenized gold and other RWAs. As an ERC-20 token on Ethereum, it facilitates lending, borrowing, and yield...","images":[{"id":"QmVPUF33ombgLmfpJqRkLuhhk1pfSRftZAg92hbJTf99sm","type":"image/jpeg, image/png"}],"categories":[{"id":"cryptocurrencies","title":"Cryptocurrencies"}],"tags":[{"id":"Ethereum"},{"id":"Protocols"},{"id":"Stablecoins"},{"id":"Organizations"}],"media":[],"metadata":[{"id":"references","value":"[\n  {\n    \"id\": \"26iocCEHTybIIF9o\",\n    \"url\": \"https://pmusd.raac.io/\",\n    \"description\": \"pmUSD official website\",\n    \"timestamp\": 1772632739198\n  },\n  {\n    \"id\": \"YFmd2k2yUbEsAlAZ\",\n    \"url\": \"https://stablecoininsider.org/gold-backed-pmusd-stablecoin/\",\n    \"description\": \"stablecoininsider.org pmUSD analysis\",\n    \"timestamp\": 1772632739198\n  },\n  {\n    \"id\": \"D5BoyQJETcIfaCu0\",\n    \"url\": \"https://docs.raac.io/whitepaper-q1.pdf\",\n    \"description\": \"RAAC pmUSD Whitepaper Q1\",\n    \"timestamp\": 1772632739198\n  }\n]"},{"id":"website","value":"https://pmusd.raac.io/"},{"id":"coingecko_profile","value":"https://www.coingecko.com/en/coins/precious-metals-usd"},{"id":"references","value":"https://docs.raac.io/whitepaper-q1.pdf"},{"id":"previous_cid","value":"\"https://ipfs.everipedia.org/ipfs/Qmf3jBf4aGkBUQw9Yyo3Psih69E3XM44bArLZEtFhnBTYe\""},{"id":"commit-message","value":"\"Added 2 milestone events\""},{"id":"previous_cid","value":"Qmf3jBf4aGkBUQw9Yyo3Psih69E3XM44bArLZEtFhnBTYe"}],"events":[{"date":"2025-10-01","title":"Partnership with I-ON Digital Corp","type":"DEFAULT","description":"RAAC formed a strategic partnership with I-ON Digital Corp to use their ION.au gold tokens as the primary collateral for pmUSD.","link":"https://stablecoininsider.org/gold-backed-pmusd-stablecoin/","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null,"id":"0b020a36-b1db-414b-a2e4-587e450b366c"},{"date":"2025-11-01","title":"$1M Bond Sale on ApeBond","type":"DEFAULT","description":"pmUSD was launched through a $1 million bond sale on the ApeBond platform, distributing the stablecoin to early adopters via vesting NFTs.","link":"https://stablecoininsider.org/gold-backed-pmusd-stablecoin/","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null,"id":"7b0da767-74a0-4591-a5c4-95ae6259361d"}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8AF7a19a26d8FBC48dEfB35AEfb15Ec8c407f889"},"operator":{"id":"0x1E23b34d3106F0C1c74D17f2Cd0F65cdb039b138"},"language":"en","version":1,"linkedWikis":{"blockchains":["ethereum","raac"],"founders":[],"speakers":[]},"recentActivity":"{\"items\":[{\"id\":\"0f9932f7-fcc9-4a8e-9456-b529a6f55469\",\"title\":\"pmUSD\",\"description\":\"pmUSD is a stablecoin from RAAC, partially backed by tokenized gold and other RWAs. 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