pmUSD, issued by the RAAC Protocol smart contracts under the governance of RAAC tokenholders, is a stablecoin pegged to the U.S. dollar (USD) and backed by gold within a decentralized lending and borrowing protocol that uses tokenized real-world assets as collateral. [S1][S2]

Holders receive a USD-pegged unit of account that functions as the medium of exchange and unit of account inside the protocol's lending and borrow markets. pmUSD is produced through the RWf(x) system, which deploys stablecoins backed by commodities as collateral to mint additional stablecoins. [S1] Within the protocol, fees, commissions, interest, and charges are automatically charged to the user, with calculations stated as final and binding. [S3]

The operating entity is Regnum Aurum Acquisition Corp., also branded RAAC, with Terms specifying British Virgin Islands governing law. [S3][S4] pmUSD is not issued by a single corporate balance sheet but minted and redeemed through self-custodial smart-contract vaults, and RAAC disclaims possession of or rights in user assets. [S3][S5] The Terms disclaim any representation as to compliance with applicable law. [S3] Users must be 18 or older, act individually, and must not be United States persons; access is denied to sanctioned parties and persons in prohibited countries including Cuba, Iran, North Korea, Syria, and Russia. [S3]

pmUSD is minted and redeemed through smart-contract vaults on Ethereum Mainnet, with Sepolia used as testnet. [S5][S6] The protocol prices collateral using RAAC Real Estate, RAAC US Prime Rate, and crvUSD-to-USD oracles, and routes protocol fees and seized collateral through onchain Treasury and RWA Vault contracts. [S5]

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://raac.io/" },
    { id: "S2", url: "https://docs.raac.io/introduction" },
    { id: "S3", url: "https://raac.io/terms-and-conditions/" },
    { id: "S4", url: "https://raac.io/privacy-policy/" },
    { id: "S5", url: "https://docs.raac.io/stability-pool/" },
    { id: "S6", url: "https://docs.raac.io/deployment/" },
  ]}
/>


# Outstanding supply Methodology

## Overview

Outstanding supply measures the circulating supply of stablecoins issued by a project. It excludes stablecoins that have been authorized but not issued, or that are held in the issuer’s treasury. It tends to serve as a proxy for the issuer’s revenue-generation capacity, as the collateral backing the outstanding supply is often invested in yield-bearing assets, such as U.S. Treasuries.

## Data sources

- Smart contract events capturing token issuance and redemption
- Token account balances and program instructions for non-EVM chains
- Token metadata for decimal precision and asset identification
- Token price feeds for USD conversion

## Common calculation approaches

### Event-based issuance tracking
For many stablecoin issuers, cumulative supply is determined by monitoring token issuance and redemption events. `Mint` and `Burn` events are extracted from the smart contracts of issuers such as Circle and Ethena to maintain a running total of net supply. Similar logic is applied to `Transfer` events involving the zero address for issuers like World Liberty Financial to identify changes in the circulating supply.

### Balance-based snapshot aggregation
Outstanding supply is also derived from daily snapshots of token holdings across various blockchains. On Solana, the total supply is aggregated from program instructions for issuers like Tether and Circle by summing the balances of all active token accounts. This method allows for the identification of circulating tokens while ensuring that assets held in known treasury or non-circulating addresses are excluded.

### Debt-based calculation with exclusions
For issuers with debt-based models, outstanding supply is calculated by identifying total minted debt and subtracting idle balances. For example, total debt is obtained from the `debt` function in `VAT` contracts for Sky, with assets held in bridge contracts or lending modules subsequently excluded to arrive at the net circulating amount.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Circulating supply of stablecoins issued by the project.

Outstanding supply

Stablecoins

RAAC mints pmUSD against tokenized real-world precious-metals collateral and other RWAs, with pmUSD serving as the unit of account inside the protocol's lending/borrow stack.

Real Asset Acquisition Corp (RAAC) is a DeFi protocol building tokenized real-world asset infrastructure focused on precious metals. RAAC issues pmUSD, a USD-pegged stablecoin backed by tokenized precious-metals and other RWA collateral, used as the unit of account inside its lending and borrow markets.

Real Asset Acquisition Corp (RAAC) builds a DeFi platform tokenizing precious metals and other real-world assets for on-chain lending and stablecoin issuance.

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Real-world asset (RWA) issuers

Real Asset Acquisition Corp

RAAC Precious Metals USD (pmUSD) is a U.S. dollar stablecoin issued by Real Asset Acquisition Corp.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Custody of the reserves rests with I-ON Digital Corp.

pmUSD has been issued on Ethereum as an ERC-20 token since December 2025.

RAAC Precious Metals USDpmUSD