USDRIF, issued by the RIF Onchain Protocol smart contracts under the governance of RIF community tokenholders, is a USD-pegged stablecoin token native to the Rootstock Bitcoin sidechain and over-collateralized by crypto assets held onchain [S1][S2][S3].

USDRIF tracks the U.S. dollar (USD) at a 1:1 peg, giving holders a stable USD-denominated unit rather than a yield-bearing position [S3]. Holders earn no stated yield simply by holding USDRIF; the companion residual token RIFPro (RIFP) absorbs RIF-USD rate fluctuations and receives revenue sharing from the protocol's operation [S1][S3]. The protocol's fee structure is unchanged through the V3 upgrade [S4].

USDRIF is not issued by a single corporate entity; it is issued by RIF Onchain smart contracts on Rootstock under community and RootstockCollective DAO governance, with RootstockLabs (formerly IOV Labs) and Money onchain acting as technology contributors rather than named legal issuers [S1][S2][S5][S6]. RIF presents USDRIF as a crypto-collateralized stablecoin token, not a security, e-money, or fund interest [S7]. The protocol is permissionless and non-custodial, hosted via IPFS, with collateral held in onchain smart contracts rather than by a custodian [S2][S3]. Users mint USDRIF or trade it on exchanges, and RDOC holders may swap 1:1 to USDRIF in the app [S7][S3].

USDRIF is a token native to the Rootstock (RSK) network, the first Bitcoin sidechain, EVM-compatible and merge-mined with Bitcoin [S1][S2][S3]. It is minted through the RIF Onchain dApp once RIFPro is staked, with RIF or DOC deposited into collateral buckets and a Multi-Collateral Guard rebalancing reserves under onchain governance [S1][S4]. Pricing follows the 1:1 USD peg [S3].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://rif.technology/content-hub/rif-on-chain-launch/" },
    { id: "S2", url: "https://rif.technology/content-hub/stablecoins/" },
    { id: "S3", url: "https://rif.technology/rif-token/" },
    { id: "S4", url: "https://rif.technology/content-hub/rif-on-chain-v3-multi-collateral-support-coming-21-may-2026/" },
    { id: "S5", url: "https://rif.technology/about/" },
    { id: "S6", url: "https://rif.technology/content-hub/usdrif-v2/" },
    { id: "S7", url: "https://rif.technology/content-hub/stablecoin-use-cases/" },
  ]}
/>


# Outstanding supply Methodology

## Overview

Outstanding supply measures the circulating supply of stablecoins issued by a project. It excludes stablecoins that have been authorized but not issued, or that are held in the issuer’s treasury. It tends to serve as a proxy for the issuer’s revenue-generation capacity, as the collateral backing the outstanding supply is often invested in yield-bearing assets, such as U.S. Treasuries.

## Data sources

- Smart contract events capturing token issuance and redemption
- Token account balances and program instructions for non-EVM chains
- Token metadata for decimal precision and asset identification
- Token price feeds for USD conversion

## Common calculation approaches

### Event-based issuance tracking
For many stablecoin issuers, cumulative supply is determined by monitoring token issuance and redemption events. `Mint` and `Burn` events are extracted from the smart contracts of issuers such as Circle and Ethena to maintain a running total of net supply. Similar logic is applied to `Transfer` events involving the zero address for issuers like World Liberty Financial to identify changes in the circulating supply.

### Balance-based snapshot aggregation
Outstanding supply is also derived from daily snapshots of token holdings across various blockchains. On Solana, the total supply is aggregated from program instructions for issuers like Tether and Circle by summing the balances of all active token accounts. This method allows for the identification of circulating tokens while ensuring that assets held in known treasury or non-circulating addresses are excluded.

### Debt-based calculation with exclusions
For issuers with debt-based models, outstanding supply is calculated by identifying total minted debt and subtracting idle balances. For example, total debt is obtained from the `debt` function in `VAT` contracts for Sky, with assets held in bridge contracts or lending modules subsequently excluded to arrive at the net circulating amount.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

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

Circulating supply of stablecoins issued by the project.

Outstanding supply

Stablecoins

USDRIF is an over-collateralized, USD-pegged stablecoin within the RIF ecosystem on Rootstock, bridged to Arbitrum.

RIF provides open infrastructure on Rootstock and issues USDRIF, a USD-pegged stablecoin on the Bitcoin sidechain.

RIF (Rootstock Infrastructure Framework) is built by IOV Labs, which also develops the Rootstock Bitcoin sidechain.

twitter

website

Stablecoin issuers

RIF US Dollar (USDRIF) is a U.S. dollar stablecoin issued by RIF.

Holders can mint and redeem directly with RIF in RIF and DOC.

USDRIF has been issued on Rootstock as an ERC-20 token since September 2023, with a bridged version on one more network.

RIF US DollarUSDRIF