What is Falcon USD (USDf)?
USDf is the synthetic dollar of Falcon Finance, a collateral protocol incubated with backing from DWF Labs. After a closed beta in early 2025, the protocol opened to the public on 30 April 2025, and USDf now circulates on Ethereum, BNB Chain and other networks.
- Type
- Overcollateralized synthetic dollar
- Launched
- 2025
- Consensus
- Runs on Ethereum
- Max supply
- No fixed cap (collateral-minted)
- Swap network
- Ethereum
How Falcon USD works
Users deposit approved collateral to mint USDf: stablecoins mint at roughly one-to-one, while volatile assets such as BTC or ETH require overcollateralization. Staking USDf produces sUSDf, a yield-bearing token whose value grows from market-neutral strategies like funding-rate and basis trades, and reserves are held with custodians and reported on a transparency page.
What USDf is used for
Holders use USDf as dollar liquidity unlocked from assets they do not want to sell, and stake it as sUSDf for yield. It is also paired in DeFi pools and lending markets.
USDf supply
USDf has no fixed cap; tokens are created when collateral is deposited and burned when it is redeemed. It is distinct from FF, Falcon Finance's separate governance token.
Before you swap USDf
USDf is delivered here as an ERC-20 on Ethereum, so plan for ETH gas. Being a synthetic, crypto-collateralized dollar rather than a fiat-backed coin, it can drift slightly from $1 in stressed markets.