Unofficial Reserve Update

Mr Mallo
7 min readApr 26, 2024

TVL, Monetarium, $1,000,000 earned by stakers, Ugly Cash AND MORE

That’s the caption. No need to embellish.

Welcome back — and also from the new home of the updates — Sovereign Stack. It’s been a wild 3.5 years issuing these from my Twitter account but the Sovereign Stack will be issuing so much more content it’s better to keep everything in one place, so if you don’t already make sure you give them a follow : @Sovereign_Stack

Thanks to everyone who’s read, liked and retweeted the updates — from me personally — hopefully just transfer the clicks to Sovereign Stack!

So — after 2 hectic work weeks, I’m able to give you the rundown :

  • Memory lane
  • TVL
  • Monetarium
  • Ugly Cash
  • Arbitrum
  • rgUSD
  • USD3
  • AOB

There’s a fair amount to get through so here we go…..

Memory lane

2021 was the year, and the App was about to become unrestricted downloads

Fast forward 12 months to 2022 and we had a deal with Mercado Libre

Soon spend direct on Ugly Cash Card

And last year we had the very first rewards auction

Things look a LOT different now as auctions are seamless and take place every few days (on eUSD at least)


Boom! Stablecoin minting has gone mad — stable TVL is now up to $71M — notable milestones are hyUSD crossing the $10,000,000 mark

Crazy growth, right?

This in the same week that Stripe just announced stablecoin international settlement and FIAT conversion. RToken Stripe?

I’ll just leave that there….

Let’s look at the other metrics

Our new RTokens also boast impressive early growth

Reserve TVL growing and is no. 1 index TVL on Base

Now close to Index Coop — leapfrogged in a month?


Well you’ve got to have a dedicated section for Reserve’s first dedicated conference!

Sovereign Stack will be there — not me unfortunately — too busy :-( Next year though. I imagine governance, RToken brainstorms, Protocol discussions on features and fighting inflation generally.

Ugly Cash

Wow Gabo and team are on A ROLL. Because I missed last week I didn’t mention the March update from Ugly Cash :

And what has happened in the meantime?

Visa card is live!

For those who choose not to X

So you can now spend the $$ eUSD in LatAam direct from your card, so no need to cash out into local currency at a bank — and handily leave the float in eUSD so RSR stakers can get more yield. You’ll remember (won’t you) that RSV was almost immediately cashed out in Vz so the float was minute — something like $6M was enough to supply liquidity to transactions which were in the region of $15M a day. I don’t think this will be the case here. I think the PayPal float model will be closer — maybe not quite PayPal levels but significant. Let’s just have a little look at the average PayPal balance

So if people in LatAm hold eUSD in their Ugly Cash account, then the TVL should grow. Let’s just suppose we get to 1 million users who hold $50, that would triple the TVL of eUSD. At todays prices it would potentially take out another 7 Bn RSR in staking, which would make the staking wallet of eusdRSR the second largest behind the slow wallet. Ahead of Binance. Bullish.

But wait, there’s more.

True to the goals for this month, we see the introduction of SOBRECITO (envelope or sachet)

So I think scaling is probably now on the agenda! Love to see it.


So we knew Reserve won a grant from Arbitrum, but the feedback has been collated nicely from Smeddy in this neat article

And Reserve will be using the 500k ARB to get liquidity into the L2 for RTokens.

Proof, if proof be need be

You can already bridge to Arbitrum from

The protocol has been updated — nosing around GitHub reveals this and a few other bits and bobs

Steady lads, deploying RTokens to Arbitrum.

Since Arbitrum at the moment has by far the highest TVL of any L2 expect mints and TVL to drive upwards.

Seems they don’t count bridged assets as TVL

So that’s a much bigger audience than Base and significantly more treasury dollars tied up. WEN rgUSD on Arbitrum! Is Curve on Arbitrum? No. Uniswap is king of the DEXes there.

Can’t wait to see the first RToken and the LP rewards on stable pairs. eUSD must get there and I’ll wager hyUSD won’t be far behind.


Revenue generating USD — now live on Curve and soon to pair with all stables if the issuers are smart. Look at the rewards which are gained from just holding the pair — game changer imo. Watch this space, when DeFi catches hold of this there will be huge mints. Huuuuge. It might seem a bit like maths headache token, but the simplicity for DAOs and stablecoin issuers is right there.

So paired with some big hitters :

$167M TVL in alUSD

$111M for Dola

The Sovereign Stack (me and Braden) did a podcast with Meir from Reserve about how it works — catch it here — find out why I’m so excited :


Who could be behind this super-safe Bluechip rated collateral high yield RToken?

Tom’s here again!

Already at $3M TVL this is the best rated collateral RToken

Rated A-, B+ and B+ the basket is super safe. Add in RSR stakers first loss capital and this could be the safest stable on the market.


Time to wrap it up folks — time for the rest :

More LP partner protocols for RTokens — thanks to Dyson money. No, not the hoovers. (see what I did there)

Twitter space for you to catch up on sometime about building on Base.

Fantastic deep dive into the Protocol from Revelo — 80+ pages so have a read or save it to give out to anyone who asks — obviously as well as the official site!

An ETH+ imposter broke the peg — because it had terrible liquidity and basically changed the rules, so those who could pulled their money out leaving those who couldn’t to lose money. RTokens can’t have this happen as the liquidity is always there 1:1.

Follow WAGBI the governance dog for updates and votes — governance is going to be really important now as there are several large RTokens and it’s important to get involved.

And, in the true tradition of the water skiing squirrel, we have rangatoni

And that, as they say in Inuit, is that. Thanks as ever for reading and good luck with the Sovereign Stack!