Cardano Stablecoin Balances Rise 31% in 30 Days to About $70.2 Million

Cardano’s stablecoin total reached about $70.2 million in the Oct. 18 snapshot, a 31.1% increase over 30 days that measures balances on the network rather than how actively those tokens were used.

The largest entry was labeled USD Coin (USDC) and valued at $44.54 million, about 63.5% of the total. Three other listed balances were Moneta’s USDM at $13.45 million, RealFi’s USDrf at $5.12 million and Anzens’ USDA at about $4.02 million. Together, those three entries came to about $22.6 million.

The leading entry’s label is USDC. Cardano’s xReserve-linked stablecoin has a different name: USDCx. Each USDCx is matched one-to-one by USDC held in Circle’s xReserve. The reported USDC label does not establish that the full $44.54 million consists of USDCx.

A stablecoin total is a measure of the value of balances attributed to the network. It does not show how often those tokens changed hands, went into lending or paid for goods and services. The 31.1% increase therefore describes growth in the measured total, not a change in trading or payment activity.

A prior 90-day snapshot of Cardano stablecoins put the total at $68.3 million. That figure covers a different time window from the 30-day change in the latest snapshot, so the two readings do not show the path of balances between them.