Flying Tulip USD (ftUSD) is a crypto-backed US dollar stablecoin. It has about $4.4M in circulation, ranking #160 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is ftUSD?
Flying Tulip USD (ftUSD) is a crypto-backed US dollar stablecoin. It has about $4.4M in circulation, ranking #160 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: ftUSD is Flying Tulip's dollar-pegged token designed for stability first, usable as a composable on-chain dollar with optional yield when staked as sftUSD.
ftUSD supply history
ftUSD supply grew 5.1% over the past 30 days, to $4.4M. Its peak was $4.8M in August 2026, and supply is 7% below that high.
Is ftUSD holding its peg?
ftUSD is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where ftUSD lives: supply by blockchain
Supply is concentrated: Ethereum holds 100% of all ftUSD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How ftUSD is backed
ftUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: ftUSD is minted by depositing a stablecoin such as USDC or USDT, and redeemed by converting ftUSD back to the input asset at the prevailing rate; holders can stake ftUSD as sftUSD to earn yield.
ftUSD risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
With $4.4M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
ftUSD vs USDT and USDC
Similar crypto-backed stablecoins
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ftUSD FAQ
What is ftUSD?
Flying Tulip USD (ftUSD) is a crypto-backed US dollar stablecoin. It has about $4.4M in circulation, ranking #160 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is ftUSD pegged 1:1 to the US dollar?
ftUSD targets 1 USD. At the last update it traded at $1.0018, a deviation of +0.18%, which we classify as "on peg".
What backs ftUSD?
ftUSD is a crypto-backed stablecoin. ftUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is ftUSD on?
ftUSD is live on 1 blockchain. The largest by supply are Ethereum ($4.4M).
How much ftUSD is in circulation?
About $4.4M of ftUSD was in circulation at the last update, +5.1% over 30 days. That makes it the #160 stablecoin by supply among those we track.
Is ftUSD safe?
No stablecoin is risk-free. As a crypto-backed design, ftUSD's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.