Cardano Stablecoins Exceed $70 Million as DefiLlama Coverage Expands

DefiLlama’s daily data for October 19 records approximately $70.2 million in stablecoins on Cardano, up about 31% from $53.6 million a month earlier. Much of that increase reflects the inclusion of USDM and USDrf, whose supply was absent from the starting snapshot.

Moneta and RealFi Change the Data Baseline

Moneta’s stablecoin returned to DefiLlama’s historical series on September 28 with approximately $13.5 million in supply. Its previous records ended on February 9, leaving a gap in coverage despite the token’s continued existence.

The return coincided with Cardano’s recorded total increasing from approximately $53.8 million to $67.5 million between September 27 and 28.

RealFi’s stablecoin adapter was merged on October 8. Its historical series begins that day with approximately $5.1 million, alongside an increase in Cardano’s aggregate total from roughly $67.5 million to $72 million.

These additions bring previously unrecorded supply into the comparison. The resulting monthly percentage combines changes in outstanding tokens with changes in which assets DefiLlama tracks.

Previously Tracked Supply Falls About 3.6%

Removing Moneta and RealFi from the October 19 daily snapshot leaves approximately $51.7 million in recorded supply. That is around 3.6% below the total reported a month earlier.

Most of the decline comes from the category DefiLlama labels USDC. Its recorded value fell from approximately $46.4 million to $44.6 million, while retaining about 63.5% of Cardano’s tracked stablecoin supply.

This category aggregates Wanchain-bridged balances and the Cardano dollar asset supported through Circle’s xReserve framework.

The figures describe outstanding stablecoin supply across Cardano. They do not directly measure trading activity, lending utilization, or the liquidity available to execute a particular transaction.

Supply Definitions and Reserve Reporting

DefiLlama’s daily snapshot records approximately $13.45 million for Moneta’s stablecoin. Moneta’s transparency page displays approximately 9.61 million tokens in circulation and an equal dollar reserve balance.

The reviewed sources do not reconcile that difference. Establishing its cause requires consistent treatment of circulating balances and reporting times; the two displayed figures alone are insufficient to establish a reserve shortfall.

Moneta states that its reserves are held in U.S. government money market funds and bank deposits.

RealFi’s adapter deducts specified protocol-controlled balances from issued supply. It also excludes the corresponding staked token as a separate stablecoin, avoiding an additional count of the same underlying position.

Around November 7, both issuers will be present at the beginning and end of the 30-day comparison, provided coverage remains unchanged. The monthly rate will then compare snapshots that already contain both sources of supply.