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sUSDrf wraps USDrf and is issued by RealFi, launched on 1 Oct 2026.
What it is
sUSDrf is the staked form of USDrf, a token issued by RealFi Reserve Ltd. RealFi's docs call sUSDrf a non-rebasing, return-bearing receipt token. Holders stake USDrf and receive sUSDrf. The token count stays fixed while each sUSDrf becomes redeemable for more USDrf.
It sits beneath USDrf as a subordinated layer. Portfolio losses reach sUSDrf before they reach any USDrf holder.
How value accrues
Borrower repayments are reconciled off chain by the RealFi Treasury. New USDrf is then distributed to sUSDrf holders via discrete weekly staking epochs. One sUSDrf redeems for the vault's settled USDrf backing divided by the circulating sUSDrf supply. RealFi's docs point to one transaction in which the vault moved from 1.000000 to 1.033333 USDrf with sUSDrf supply unchanged. The real-world backing page gives estimated returns of up to 10% APY, variable and not guaranteed.
DIA's registry records 2,938,796 sUSDrf in circulation on Cardano. The map holds no dollar price for the token.
Sources: RealFi docs: sUSDrf (staked USDrf), RealFi docs: How the returns reach the user, RealFi docs: Real-world backing, RealFi docs: Regulatory status of the protocol entities
3.0M sUSDrf in circulation, all on Cardano.
All USD stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 68 USD stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across sUSDrf’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
3.0M sUSDrf
All supply on Cardano
Cardano3.0M sUSDrf · 100.0%Supply growth
sUSDrf wraps USDrf; its backing is the USDrf it holds.
What sits underneath
Staked USDrf is held at the staking vault script address addr1wyh04daelcpkgahkuz2ld885w2y3wa27r7w82gzdeagsazgtwduhf. That USDrf is backed by a portfolio RealFi describes in tiers: tokenized US Treasuries and money market funds at 10 to 20% of TVL, emerging market floating-rate corporate bonds at 15 to 25% with a 10% floor, private credit funds, investment grade CLO ETFs and direct private credit loans of 6 to 24 months. The Portfolio Manager sets the mix within ranges set by an Investment Committee. RealFi calls the launch composition indicative, not fixed.
The protocol states it keeps liquid reserves covering at least 120% of expected 7-day net redemptions, and at least 10% of assets in an immediate-access buffer.
Attestation and audits
RealFi's reserve attestation page names HT Digital as the attestation provider and says further documentation will follow. It carries no report and no dated reserve figure. The audit reports page lists three engagements, a Cardano smart contract audit, an end-to-end audit and an off-chain audit, each linked only to a provider website. No report is posted there.
Sources: RealFi docs: Real-world backing, RealFi docs: sUSDrf (staked USDrf), staking vault address, RealFi docs: How the returns reach the user (liquidity reserve policy), RealFi docs: Reserve Attestation, RealFi docs: Audit Reports
Contract controls are not read on Cardano yet.
Read from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Not read on any deployment yet
Who licenses sUSDrf's issuer and how its reserves are reported.
RealFi splits issuance across offshore entities. RealFi Yield Ltd., a British Virgin Islands business company, issues sUSDrf. RealFi characterizes sUSDrf as a debenture under the BVI Securities and Investment Business Act 2010, issued in reliance on the own-issuance exemption. USDrf comes from a separate BVI company, RealFi Reserve Ltd., and the RealFi Foundation, a Cayman Islands foundation company, governs the protocol.
RealFi products are not available in the United States, the EU and EEA, the United Kingdom or Hong Kong. Where local law restricts debentures to retail buyers, sUSDrf is open only to accredited, institutional or otherwise eligible investors. The eligibility page names the Singapore Securities and Futures Act 2001 as one such case.
Sources: RealFi docs: Regulatory status of the protocol entities, RealFi docs: Jurisdictional eligibility
Registered elsewherelicence tier of RealFi
First in line for losses
The protocol's own first-loss reserves take a portfolio loss first. sUSDrf absorbs what remains before any USDrf holder is affected. RealFi states that the protection is bounded by two figures at the time of the loss: the reserve balance and the size of the staked pool. A loss burns USDrf from the staking vault while sUSDrf supply stays the same, so it shows up as a lower redemption rate, not a lower wallet balance.
Exit timing
Unstaking starts a 7-day cooldown before USDrf can be claimed. RealFi's risk page lists redemption queues, market liquidity and circuit breaker activations as ways exit can be delayed. USDrf and sUSDrf are not bank deposits and are not insured.
What drives the rate
Yield depends on off-chain borrower repayments that the RealFi Treasury reconciles before new USDrf is minted on chain. The portfolio allows emerging market exposure up to 50%, frontier markets up to 10% in aggregate, and a weighted average life capped at 1.25 years. The token runs on Cardano only, and RealFi's risk page names outages of the Cardano blockchain as a technology risk.
Sources: RealFi docs: sUSDrf (staked USDrf), loss waterfall, RealFi docs: Step 3, Unstaking Transactions (7-day cooldown), RealFi docs: What are the risks of using the RealFi protocol?, RealFi docs: Multi-layered defence (portfolio limits), RealFi docs: How the returns reach the user
sUSDrf is RealFi's non-rebasing, return-bearing receipt token for staked USDrf on Cardano. Each sUSDrf becomes redeemable for more USDrf as new USDrf is distributed to sUSDrf holders via discrete weekly staking epochs.
RealFi's own first-loss reserves take a portfolio loss first. sUSDrf absorbs what remains before any USDrf holder is affected.
Unstaking starts a 7-day cooldown period, after which the USDrf can be claimed.
RealFi Yield Ltd., a British Virgin Islands business company, issues sUSDrf. RealFi characterizes it as a debenture under the BVI Securities and Investment Business Act 2010.
Source: DIA onchain reads Updated
