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 Offchain collateral Methodology

## 1. Overview

Offchain collateral is the USD value of the reserves backing RealFi USDrf that are not held onchain, as reported by RealFi. The reserve total is reported daily.

## 2. Data sources

- **External data**: Daily reserve coverage reports provided by RealFi, with values attributed to Cardano where RealFi USDrf is issued

## 3. Step-by-step calculation

### Component A: Reserve report extraction

- **Purpose**: Extraction of the raw offchain collateral values reported by the issuer
- **Logic**: Daily reserve coverage reports are parsed to extract the `aum_usd` field. For days with multiple reports, only the latest report is retained based on the insertion timestamp. Null values are filtered out to ensure data integrity.
- **Key fields**: `timestamp`, `aum_usd`, `inserted_at`

### Component B: Asset and chain attribution

- **Purpose**: Attribution of the extracted collateral values to the correct product and blockchain
- **Logic**: The extracted `aum_usd` values are mapped to the RealFi USDrf product. The values are attributed to Cardano, the blockchain where RealFi USDrf is issued.
- **Key fields**: `chain_id`, `product_id`

### Component C: Temporal alignment and forward-filling

- **Purpose**: Prevention of gaps in the daily time series
- **Logic**: A fill-forward strategy is applied to the daily time series. For any days where a reserve report is not published, the value from the most recent available report is carried forward to fill the gap.
- **Key fields**: `timestamp`, `offchain_collateral`

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

USD value of a stablecoin's offchain collateral, as reported by the issuer.

RealFi

Offchain collateral

Offchain collateral

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