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 Total value locked Methodology

## 1. Overview

Total value locked (TVL) is measured as the total value of assets deposited into or issued by the protocol. For RealFi, TVL is represented by the circulating supply of the RealFi USDrf stablecoin. This metric is utilized as a leading indicator for the adoption and utility of the protocol's tokenized assets. By tracking the circulating market capitalization of RealFi USDrf, the overall scale of the protocol's on-chain liquidity is quantified.

## 2. Data sources

- **Asset metrics**: Circulating market capitalization data for the RealFi USDrf asset, covering Cardano

## 3. Step-by-step calculation

### Component A: RealFi USDrf circulating supply extraction

- **Purpose**: Extract the circulating market capitalization of the RealFi USDrf asset.
- **Logic**: Circulating market capitalization data for the RealFi USDrf asset is retrieved from the asset metrics repository. This value is used to represent the total outstanding supply of the asset on the Cardano blockchain.
- **Key fields**: `timestamp`, `asset_market_cap_circulating`

### Component B: TVL mapping and normalization

- **Purpose**: Map the circulating market capitalization to the TVL metric and apply final formatting.
- **Logic**: The circulating market capitalization of RealFi USDrf is mapped directly to the TVL metric. Missing daily values are zero-filled to ensure a continuous time series. The final dataset is filtered to ensure alignment with active chain availability parameters.
- **Key fields**: `tvl`, `product_id`

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

RealFi

Total value locked

Total value locked

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