Cardano’s DeFi has shrunk by more than half and RealFi is betting credit can revive it
RealFi launched USDrf, a dollar-linked token, and sUSDrf, a yield-bearing version, on Cardano. The product directs stablecoin funds into a portfolio that may include private loans, credit funds, Treasuries and other assets. Retail users can buy USDrf but generally must sell through decentralized exchanges to exit; verified institutions can mint and redeem with the issuer subject to limits and controls. sUSDrf carries greater risk: it has a seven-day withdrawal cooldown and absorbs losses before USDrf. Public disclosures at launch did not show dated reserve totals or enough information to quantify loss protections. The launch offers a potential new use for Cardano’s stablecoin liquidity as its DeFi value has fallen, but its success depends on portfolio performance, liquidity and redemptions.
