Cardano DRep Dori has highlighted a sharp surge in stablecoin activity across the network following the launch of Circle’s USDCx.
In a recent commentary, Dori argued that this development could signal Cardano’s readiness to enter its next phase of DeFi expansion. Stablecoin liquidity on the network has accelerated in recent weeks, sparking discussions about its potential impact on Cardano’s DeFi ecosystem.
Notably, Dori spotlighted a major shift in Cardano’s DeFi landscape, driven by a rapid rise in stablecoin liquidity. The DRep revealed that Cardano’s stablecoin-to-DeFi TVL ratio climbed from roughly 10% in June 2025 to 32% as of yesterday.
Moreover, the figure has now advanced further to 33.87%, as Cardano’s TVL stands at $140.83 million. At the same time, stablecoin market cap on Cardano has surged to $47.7 million.
Although part of this increase reflects ADA’s recent price decline, which compressed dollar-denominated DeFi TVL, Dori emphasized that the broader trend points to genuine momentum driven largely by the newly integrated USDCx.
Meanwhile, fresh USDCx inflows over the past week pushed total stablecoin supply from $33 million to more than $47 million, marking a striking 42% increase in just seven days. At press time, stablecoin supply stood at $47.7 million, with USDCx commanding a dominant 37.16% share, or $17.73 million.
Consequently, USDCx has emerged as the largest stablecoin on Cardano, overtaking established alternatives such as USDM, USDA, and DJED, which currently stand at $14.53 million, $8.65 million, and $3.67 million, respectively.
With Cardano’s stablecoin supply now surpassing $47 million, Dori expects USDCx minting activity to continue accelerating, thereby expanding overall liquidity. In turn, he argues this expansion could position Cardano to unlock the next stage of DeFi growth.
Historically, Cardano has lagged behind major networks like Ethereum and Solana in DeFi adoption. While Ethereum and Solana command TVL of $53.67 billion and $6.55 billion, respectively, Cardano holds just $140.83 million.
However, IOG founder Charles Hoskinson and other ecosystem advocates expect a turning point, especially with the introduction of the USDCx stablecoin.
According to Dori, deep stablecoin liquidity plays a critical role in building sophisticated DeFi infrastructure. Strong liquidity, in turn, supports the development of lending protocols, perpetual decentralized exchanges, and structured financial products, which are core pillars of a mature and competitive DeFi ecosystem.
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