Falcon USD (USDf) is a crypto-backed US dollar stablecoin. It has about $1.72B in circulation, ranking #11 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
What is USDf?
Falcon USD (USDf) is a crypto-backed US dollar stablecoin. It has about $1.72B in circulation, ranking #11 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
In the issuer's words: Falcon Finance is a next-generation synthetic dollar protocol. Preserving users’ multi-assets with industry-competitive yields across any market conditions, it sets a new standard in the industry, along with transparency, security, and institutional-grade risk management.
USDf supply history
USDf supply grew 42.5% over the past 30 days, to $1.72B. Its peak was $2.15B in October 2025, and supply is 20% below that high.
Is USDf holding its peg?
USDf is trading 0.5–2% from its target. Small coins often drift like this on thin markets. A gap that persists usually reflects redemption friction or doubts about the backing.
Where USDf lives: supply by blockchain
Supply is concentrated: Ethereum holds 93% of all USDf. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDf is backed
USDf 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: Falcon Finance users who have completed KYC verification can mint USDf by depositing collateral and redeem USDf for supported assets, subject to eligibility and jurisdictional requirements.
Reserve reports and audits: docs.falcon.finance
USDf 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.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
At the last update USDf traded at $0.9950 against a target of 1.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDf vs USDT and USDC
Similar crypto-backed stablecoins
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USDf FAQ
What is USDf?
Falcon USD (USDf) is a crypto-backed US dollar stablecoin. It has about $1.72B in circulation, ranking #11 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
Is USDf pegged 1:1 to the US dollar?
USDf targets 1 USD. At the last update it traded at $0.9950, a deviation of -0.50%, which we classify as "slightly off peg".
What backs USDf?
USDf is a crypto-backed stablecoin. USDf 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 USDf on?
USDf is live on 2 blockchains. The largest by supply are Ethereum ($1.61B), BSC ($114M).
How much USDf is in circulation?
About $1.72B of USDf was in circulation at the last update, +42.5% over 30 days. That makes it the #11 stablecoin by supply among those we track.
Is USDf safe?
No stablecoin is risk-free. As a crypto-backed design, USDf'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. It currently shows "slightly off peg" on our peg monitor. This page is information, not investment advice.