Cardano stablecoins
Cardano stablecoins are tokens on the Cardano blockchain that track the US dollar, either through reserves of dollars and treasury bills or through ada locked as collateral. They are native tokens of the ledger, so a plain transfer runs no smart contract and its fee is known before it is sent.
Five dollar stablecoins are issued natively on Cardano: USDCx, USDM, USDA, DJED and iUSD. Ada itself is not a stablecoin, because its price moves freely with the market, and stablecoins such as USDT, PYUSD and EURC reach Cardano through bridges from other blockchains.
USDCx: USDC from Circle via xReserve
USDCx went live on Cardano mainnet in February 2026 and is backed one to one by USDC through the xReserve infrastructure of Circle. Circle locks USDC in reserve and mints the same amount of USDCx on Cardano, and redemptions run through the same reserve. Input Output Group built the integration in the Critical Integrations program, which the Cardano treasury funded.
USDM and USDA: backed by dollars and treasury bills
USDM from Moneta launched in March 2024 and is backed one to one by US dollars held at regulated institutions, including Fidelity and Western Asset Management. The cardano.org overview describes the token as registered with FinCEN and compliant with MiCA. USDA from Anzens, built with EMURGO, is backed by US treasury instruments that BitGo holds in custody.
Djed and iUSD: backed by ada
Djed has run on mainnet since January 2023 and keeps a reserve in ada of 400 to 800 percent of the stablecoins in circulation. iUSD from Indigo Protocol is a synthetic dollar that users mint by locking ada in a collateralized debt position. Both designs keep the backing on chain, so anyone can check the reserve, but their peg depends on the price of ada and on liquidations.
Bridged stablecoins: USDT, PYUSD and EURC
Programmable tokens for regulated issuers
Since October 2026, the CIP-0113 standard lets stablecoin issuers build KYC and AML checks, sanctions screening, freezes and transfer restrictions into native Cardano tokens. The ledger enforces these rules every time a token moves. The Capital Markets and Technology Association recognized the standard as equivalent to CMTAT for its certification of ledger-based securities.
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Cardano stablecoins and Finance Loop
Finance Loop covers stablecoins in the Payments & Digital Money track, where payment and treasury teams discuss reserves and redemption. Cardano stablecoins add native issuance and compliance rules that the ledger enforces to that discussion.
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