pmUSD

Unusually for a dollar token, pmUSD is backed not by cash but by gold. Issued by Real Asset Acquisition Corp, it uses a collateralized-debt design in which the token is minted against ION.au gold-reserve securities and over-collateralization rather than a strict one-to-one cash reserve. The result is a synthetic dollar whose stability leans on the value and liquidity of tokenized precious-metal collateral, redeemed through the protocol rather than a bank. That backing has not translated into a firm peg: pmUSD has traded well below its dollar target at times, a reminder that novel collateral and thin liquidity can leave a stablecoin struggling to hold par. It lives on Ethereum and sits within RAAC's wider effort to put real-world assets, from gold to real estate, onchain as loan collateral. For now it is a small, experimental instrument rather than a dependable settlement dollar.