Falcon USD

Falcon Finance issues a synthetic US dollar minted against stablecoins, bitcoin and other crypto collateral.

Falcon USD (USDf) is a synthetic dollar from Falcon Finance. Users deposit stablecoins such as USDT and USDC, or other assets such as BTC and ETH, and receive USDf worth US$1 each. Stablecoins mint one to one; other assets need extra collateral. The USDf contract went live on Ethereum on 10 February 2025. USDf also runs on BNB Smart Chain and XDC Network.

Falcon hedges the collateral with futures and runs trading strategies on it. In July 2026 it said 61% of its yield came from options strategies, 21% from funding-rate farming and staking, and the rest from arbitrage. Users who stake USDf receive sUSDf, a separate token that grows in value with this yield (about 4.5% a year at the end of August 2026). Plain USDf pays no yield, but holding it earns Falcon Miles reward points.

On 31 August 2026 Falcon reported US$1.18 billion of USDf backed by US$1.67 billion of reserves, mostly bitcoin and wrapped bitcoin. Reserves are held mainly with custodians such as Ceffu and Fireblocks and on exchanges. Falcon publishes a reserve dashboard, and Harris & Trotter issued an assurance report on the reserves in October 2025. USDf lost its peg in July 2025, falling to about US$0.94, before recovering.

The issuer is Falcon Digital Limited, a British Virgin Islands company. It says it is not licensed by any regulator, and it does not serve the United States, Russia and several other countries. Minting and redeeming directly need KYC, and redemptions take 7 days. The project is closely tied to the trading firm DWF Labs: co-founder Andrei Grachev wrote its whitepaper. Falcon also has a governance token, FF.