---
title: "pmUSD (pmUSD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/pmusd-precious-metals/"
description: "Build-time stablecoin profile for pmUSD (pmUSD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# pmUSD (pmUSD)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

Gold-backed supply paired with a sUSDS-funded PSM means pmUSD's peg defense depends on Sky Protocol staying healthy — a meaningful external dependency.

pmUSD's structural design now runs on two incompatible logics: supply is backed by gold via RAAC's RWf(x) fork and ION.au tokenized claims, but peg defense relies on a {{term:psm}}Peg Stability Module{{/term}} that holds sUSDS — Sky Protocol's {{term:yield-bearing}}yield-bearing{{/term}} savings wrapper — as its reserve asset. Arbitrageurs swap discounted pmUSD for sUSDS at a $1 internal valuation when the market price dips, but the flow is one-directional and automatically halts when sUSDS reserves fall below 20% of PSM assets, meaning the peg backstop has a backstop condition. That architecture ties pmUSD's dollar recovery mechanism to Sky Protocol's stability — a meaningful external dependency for a coin that was previously modeled as self-backed in scoring. The D grade still reflects F scores in both resilience and decentralization, with over 450 depeg events accumulated since launch as gold's dollar-independent price movements create a structurally recurring gap to close. Real-time Chainlink Proof of Reserves and Instruxi {{term:attestation}}attestations{{/term}} document the gold backing with genuine rigor; the question was never whether the gold is there, but whether a Sky-Protocol-dependent PSM is the right lever to close the gap between what gold is worth and what a dollar costs.

## Collateral

TokenBlender (TB) base token held on-chain in RAAC's RWf(x) Treasury; TB is minted against I-ON Digital's ION.au token held in the TokenBlender contract, and ION.au represents a gold-backed digital security and in-situ gold claim

## Peg Mechanism

RWf(x), an f(x) protocol fork, mints pmUSD as the fToken against TB / ION.au-linked collateral; xPM absorbs collateral-price volatility while pmUSD is configured for stable fNAV; minting and system operations are manager-only through authorized silo multisigs. PSM (Peg Stability Module) is the primary peg defense tool: arbitrageurs swap pmUSD → sUSDS at $1 face value when pmUSD trades at a discount on-chain; swaps are one-directional and pause if the sUSDS reserve falls below 20% of PSM assets

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xc0c17dd08263c16f6b64e772fb9b723bf1344ddf` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/pmusd-precious-metals.