RealFi launched on October 1 on Cardano two credit-backed dollar tokens, USDrf and its yield-bearing counterpart sUSDrf, marking the live debut of Cardano founder Charles Hoskinson’s long-promised bank the unbanked initiative. Cardano’s DeFi total value locked has collapsed by over 50%, falling from roughly $150 million in May to approximately $67 million today, while stablecoins on the network are approaching an all-time high near $70 million. Retail users can purchase USDrf but generally cannot redeem it directly with RealFi, making their exit dependent on decentralized exchange liquidity, whereas verified institutional partners can mint and redeem at a nominal value of $1 per token. Charles Hoskinson invested several million dollars in RealFi, which previously serviced loans in Kenya and Uganda before its public launch.
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