[Serenity Premium] RWA Stablecoin Series: deUSD by Elixir [Initial Review Feb 2025]

Over the past few months, we have analyzed various RWA-backed digital assets, including stablecoins like M^0’s $M, $rUSD by Reservoir and $mBasis by Midas. This article adds another one the series: deUSD by Elixir. This article will introduce the basics of deUSD and some of its DeFi opportunities.

The Basics of deUSD

deUSD is conceptually similar to Ethena's USDe. According to the official documentation, deUSD's backing is comprised of treasuries via MakerDAO's USDS t-bill protocol, and stETH used by the network to short ETH perpetuals (creating a delta neutral position). Other than this function, Elixir also partnered with Securitize to mint deUSD using RWA stablecoins as collaterals. So far, the accepted collaterals are Securitize's $BUIDL (for BlackRock) and $HLSCOPE (for Hamilton Lane).

Looking at Elixir's official dashboard, there's a total of $273.3m assets held by Elixir, backing its 272.1m deUSD in circulation (this is accurate per Etherscan). Of which, 28% is for the USDe-alike CEX funding rate operation; 21% is for RWA stablecoins collateralised minting; and the remaining 51% is minted against sUSDS.