$244K of USDM doing real work in Cardano DeFi.

First month of the Coalition deploying USDM as productive on-chain liquidity. Snapshot taken from FluidTokens on April 30, 2026 — the most recent month-end report. Live API sections appear below when the Fluid feed is healthy.

FluidTokens Active Loans · April 30, 2026 · Report generated 2026-05-03 · Page generated Mon, 15 Jun 2026 04:24:20 GMT

Headline numbers

Total USDM Lent

$244,409

active loans

Active Loans

open positions

Unique Borrowers

distinct stake addresses

Lender Pools

independent suppliers

Average APR

4.60%

across all loans

Average Loan Size

$2,628

per open position

Loans per Borrower

1.72

repeat-use signal

Garden state · Executive summary

As of April 30, 2026, USDM is actively powering $244,409 of on-chain lending on FluidTokens, distributed across 93 open loans, 54 unique borrowers, and 25 lender pools. Average APR sits at 4.60%, average loan size is $2,628, and the average borrower carries 1.72 active loans.

Risk profile is healthy. Total collateral value is $445K against $244K of debt, giving the protocol 1.82x overcollateralization, a 54.92% loan-to-value ratio, and roughly a 45% buffer before any loan touches liquidation pressure.

This is the kind of footprint the Coalition was built to produce. USDM isn't sitting in wallets. It is functioning as productive stablecoin liquidity inside a real lending market.

Collateral exposure

Oracle priced

From memecoin liquidity to tokenized gold.

Total collateral value: $445K. Seven distinct collateral types are backing USDM borrowing today. The top three (SNEK, WMTX, NIGHT) hold roughly 97% of the value — concentration is real, and the protocol’s 1.82x overcollateralization is absorbing it.

Asset	Amount	Price (ADA)	Value (ADA)	Value (USD)	% of collateral
SNEK	487,985,973	0.001875	914,974	$228,743	51.0%
WorldMobileTokenX	1,756,678	0.240	422,247	$105,562	23.6%
NIGHT	3,095,806	0.127	393,777	$98,444	21.9%
ADA	36,000	1.000	36,000	$9,000	2.0%
fGLD	13	590.958	7,682	$1,921	0.4%
STRIKE	1,650	2.136	3,524	$881	0.2%
IAG	20,000	0.100	1,992	$498	0.1%

Source: FluidTokens oracle, April 30, 2026.

Risk metrics

Total Collateral

$445K

oracle priced

Collateralization

1.82x

loan-vs-collateral ratio

LTV Ratio

54.92%

loan-to-value

Safety Buffer

45%

before liquidation pressure

Collateral prices would need to fall close to half their oracle-quoted value before any meaningful liquidation cascade is on the table. The concentration watchpoint is SNEK at 51% of collateral — that exposure eases mechanically as more borrowers and collateral types come online.

Per-market utilization

Apr 16 reconciled

Lend/borrow rates and utilization per market, reconciled from the Fluid lending dashboard mid-April. Provided alongside the April 30 totals above for additional context.

Collateral	USDM Supplied	Utilization	Lend APY	Borrow APR
SNEK	4.18K	96.8%	8%	6.63%
NIGHT	12.52K	84.2%	7%	5.88%
WMTX	10.07K	80.6%	7%	6.32%
ADA	6.25K	44.6%	6%	4.07%
Strike	0.58K	46.3%	6%	4.00%
IAG	12.29K	9.6%	4%	5.02%
fGLD	34.65K	2.2%	4%	4.03%

Next month outlook

Where the May cycle goes from here.

01
Add the next Coalition contributor
The first 30 days were anchored by the first wave of capital partners. The next 30 are about adding the second.
02
Open Bitcoin-collateralized USDM borrowing
With BTC as collateral landing on FluidTokens later this year, the Coalition is positioning to be a natural matchmaker between BTC borrowers and USDM lenders.
03
Diversify collateral mix
The protocol is healthy at 1.82x, but easing SNEK concentration is the right next move. That happens by activating more borrowers on more collateral types.

Source and credits

Data: FluidTokens active loans snapshot, April 30, 2026. Oracle prices via api.fluidtokens.com/get-oracle-tokens. Report generated by elGatito on May 3, 2026.

Coalition partners reflected in this snapshot: FluidTokens (protocol and data), Moneta Digital (USDM issuance), and the Plomin Legacy Fund.