USDf is a yield-bearing synthetic stablecoin by Falcon Finance, offering transparency and stability with overcollateralized reserves.
| Symbol | USDf |
| Peg | USD |
| Backing | Crypto backed |
| Status | Active |
| Launched | 2025 |
| Networks | L1 EVM Ethereum |
| Specifications | Backing Overcollateralized with Bitcoin, stablecoins, altcoins, and tokenized real-world assets. Auditor Harris & Trotter (HT Digital) Reserve reporting Daily transparency dashboard / proof-of-reserves-style updates plus quarterly audit/attestation reports. |
| Use cases | Yield, DeFi collateral |
| Mint and redeem | Direct USDf minting and redemption through Falcon Finance requires a Falcon account and KYC/KYB verification. In the Classic Mint, users deposit eligible stablecoins or non-stablecoin crypto collateral; stablecoins are generally minted at a 1:1 ratio while non-stablecoin collateral is subject to an overcollateralization ratio determined by its risk profile. Falcon states a minimum Classic Mint size of $10,000. USDf holders that have completed the required verification can redeem through Falcon for supported stablecoins or, where applicable, reclaim eligible non-stablecoin collateral; classic redemptions have a stated $10,000 minimum and are subject to a seven-day cooldown before the assets become available. Falcon also operates an Innovative Mint for eligible non-stablecoin collateral with fixed terms and a stated $50,000 minimum. U.S. users are not permitted to mint or redeem USDf directly with Falcon, although USDf can be held and transferred onchain permissionlessly. |
| Depeg history | Date 2025-07-08 · Low price 0.9783 · Cause Falling onchain liquidity, concerns about collateral quality and transparency, and accusations of reserve mismanagement weakened market confidence; Falcon said the brief deviation was driven by market sentiment and that the peg subsequently recovered. |
| Regulatory status | Jurisdiction Any jurisdiction · License type “Falcon Digital Limited … is not currently licensed by any regulatory authority” (Risk Disclosure Statement, USDf and sUSDf Terms and Conditions) · Status Unlicensed |
| Chain | Address |
|---|---|
| Binance Smart Chain | 0xb3b02e4a9fb2bd28cc2ff97b0ab3f6b3ec1ee9d2 |
| Ethereum | 0xfa2b947eec368f42195f24f36d2af29f7c24cec2 |
| XDC Network | 0x8210c0634ab8f273806e4b7866e9db353773c44b |
USDf is a synthetic stablecoin designed by Falcon Finance to provide yield-bearing opportunities while maintaining transparency and stability.
USDf is overcollateralized and backed by a diversified reserve portfolio including Bitcoin, stablecoins, altcoins, and tokenized real-world assets.
The reserves are overcollateralized and audited quarterly by Harris & Trotter LLP.
USDf is a yield-bearing synthetic stablecoin by Falcon Finance, offering transparency and stability with overcollateralized reserves.
Overcollateralized with Bitcoin, stablecoins, altcoins, and tokenized real-world assets.
USDf is recorded on 1 network, Ethereum.
USDf has a market capitalization of $1.9B as of 29 October 2026.
The most recent recorded depeg for USDf occurred on 8 July 2025, when its price fell to $0.9783.