RealFi deploys reserve capital into a diversified portfolio of real-world assets including U.S. Treasuries, money market funds, investment grade CLO ETFs, floating-rate corporate notes and private credit. The RealFi treasury reconciles borrower repayments off-chain, then mints new USDrf on-chain to reflect realized profits and distributes it to sUSDrf holders through discrete weekly staking epochs, so each sUSDrf becomes redeemable for progressively more USDrf. The remainder of the income is allocated to a configurable treasury address. sUSDrf is the risk-absorbing layer and takes portfolio losses before USDrf holders are affected.

RealFi issues USDrf, a reserve-backed digital dollar, and sUSDrf, a non-rebasing staked token received by staking USDrf. USDrf is backed 1:1 by a reserve portfolio anchored by a liquidity buffer of U.S. Treasury bills and tokenized money market funds, supplemented by liquid floating-rate credit and short-tenor, senior-secured private credit. Cardano is the canonical chain for supply accounting, and a burn-and-mint bridge extends USDrf and sUSDrf to EVM networks.

RealFi is a stablecoin ecosystem built on Cardano. USDrf and sUSDrf are issued by separate British Virgin Islands business companies, while the protocol technology and its oversight are governed by Cayman Islands foundation companies.

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RealFi

# RealFi Supply-side fees Methodology

## 1. Overview

Supply-side fees measures the share of fees that goes to the service providers of RealFi. For RealFi, this metric is set to zero. Yield distributed to depositors and stakers of RealFi Staked USDrf is classified as cost of revenue rather than supply-side fees. This classification is applied to reflect the protocol's financial structure, where payouts to capital providers are treated as an operating expense (cost of revenue) rather than direct supply-side fee distributions.

## 2. Data sources

- **None**: This metric is set to a constant value and does not consume blockchain events

## 3. Step-by-step calculation

### Component A: Supply-side fee allocation

- **Purpose**: Assign a zero value to supply-side fees for all epochs
- **Logic**: A constant value of zero is assigned to the supply-side fees metric for all daily intervals and products, including RealFi USDrf. This reflects that yield distributions are accounted for under cost of revenue rather than supply-side fees.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Portion of fees distributed to service providers or supply-side participants.

RealFi

Supply-side fees

Supply-side fees

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