USDW

Built on EthereumPoW, the proof-of-work chain that split from Ethereum after its 2022 move to proof-of-stake, USDW is a crypto-collateralized dollar from a project called Real Protocol. Tokens are minted against crypto locked in the protocol and redeemed through its smart contracts rather than any company, so the dollar a holder gets rests on the value and liquidity of that onchain collateral, not on cash in a bank. There is no issuer redemption desk and no KYC, and the token itself pays no yield. Public information on Real Protocol is thin, and USDW trades on a chain that carries far less activity and liquidity than Ethereum mainnet, which leaves both its peg support and its practical usefulness narrow. It is best read as a small, self-custodial experiment rather than a widely held dollar.