Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
Its one stablecoin
Share of total stablecoin supply
#9 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #61 of 98 issuers
Share of supply in lending
lower bound; below the median issuer (3.2%)
Founded / domicile
VG
Falcon Finance is a DeFi collateralization protocol that lets users deposit stablecoins, crypto, and tokenized real-world assets to mint USDf, an overcollateralized synthetic dollar that can be staked as sUSDf for yield generated through delta-neutral and funding-rate strategies.
What sets it apart
Falcon Finance mints its dollar against stablecoins, altcoins, tokenized equities and gold. Its docs accept USDT, USDC and USD1, plus altcoins such as TRUMP and MOVE, tokenized equities from the xStock range, Tether Gold and a Superstate short-duration government securities fund. Deposited collateral then runs through market-neutral trading strategies. Falcon's own site calls the company a "Centralized-Decentralized Finance (CeDeFi) stablecoin issuer backed by DWF Labs".
Who issues it
The counterparty in the USDf and sUSDf terms is Falcon Digital Limited. The terms are governed by British Virgin Islands law, and disputes go to BVI courts. They also state that Falcon Digital Limited "is not currently licensed by any regulatory authority". USDf is not offered to US persons. The United States and Singapore are on its list of restricted jurisdictions. Minting and redemption require KYC.
Backers
Falcon names DWF Labs as its backer. World Liberty Financial invested $10 million in July 2025 to fund integrations between USDf and USD1.
Sources: Falcon Finance website (CeDeFi self-description, DWF Labs backer, Falcon Digital Limited footer), Falcon Finance docs: Supported Assets, Falcon Finance docs: USDf and sUSDf Terms and Conditions (BVI law, licensing statement, restricted jurisdictions), Falcon Finance docs: Know Your Customer (KYC), Falcon Finance, Falcon Finance secures $10 million initial investment from World Liberty Financial (30 July 2025)
USDf is Falcon Finance's only stablecoin.
USDf's supply, counted once across its chains.
Supply of every coin Falcon Finance issues, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
$1.7B
Read on 2 chains, all in the total
Ethereum93%$1.6B
BSC7%$113.6MIn DIA's latest read, USDf sits 90 bps below its USD peg. USDf's typical daily move over the last 90 days was 10.0 bps.
Today is DIA's latest daily read of each stablecoin's price against one unit of its peg currency, in basis points: 100 bps is 1% away from the peg, above (+) or below (-).
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
Attestation cadence is how often an independent accountant's report covers the reserves, where one is published. A stablecoin with none shown has no cadence published.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
$28.0K supplied to 3 lending markets on 2 protocols. That is <0.1% of its onchain supply; the median across 44 issuers in lending markets is 3.2%. Yield pools live on the stablecoin's own page.
Lower bound: the balance of every Falcon Finance coin inside lending markets DIA reads onchain directly, summed. Coins that rebase or wrap another coin are left out, so the balance and the share count the same coins. The figure is gross: most of it is on loan, and borrowed stablecoins can be deposited again. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
Share of issued supply is that balance over the onchain supply of all the coins Falcon Finance issues, a coin with no lending market included. Coins that rebase or wrap another coin are outside both sides: a rebasing balance moves by contract, and a wrapper's supply is already inside the coin it wraps.
Source: DIA's own reads of each lending contract. Balances, supply rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000, or pinned at full utilisation with runaway interest is left out.
Supply APY and borrowed are averages weighted by each market's balance, over the markets that report them: 79% of the balance for the APY, 79% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$28K
supplied to 3 lending markets on 2 protocols
17%
Borrowed
share of supplied stablecoins now on loan
0.02%
Average supply APY
weighted by the balance in each market
52%$14KEthereumUSDf / sUSDf$9K0.05%45%EthereumUSDf$6K48%$14KEthereumUSDf$14K<0.01%<1%Ethereumin 3 lending markets100%$28KEach issuer's share is its stablecoins' combined balance in the lending markets DIA reads, over their combined onchain supply. Stablecoins that rebase or wrap another stablecoin are left out of both sides. It leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet, so every share is a lower bound measured the same way, and the ranking compares like with like.
The ranking counts the 44 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 44.
<0.1%
of issued supply sits in the lending markets DIA reads
Lower bound: leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet.
Below the median issuer (3.2%)
What Falcon publishes
Falcon appointed HT Digital in June 2025 to issue proof of reserves attestations. The appointment post describes daily reserve balances on the transparency dashboard and quarterly attestation reports. The first reserves assurance report, as at 28 July 2025, was signed by Harris & Trotter LLP under the ISAE 3000 standard. The reports as at 31 October 2025 and 30 April 2026 are signed by HT Digital Ltd. A release dated 1 October 2025 announced the first Harris & Trotter report. It said the procedures covered wallet ownership, collateral valuation, user deposits and reserve sufficiency. The same risk page names BitGo, Fireblocks, Ceffu and ChainUp as custodians. An insurance fund sits at a published Ethereum address.
What it leaves out
Under the terms, collateral pledged to Innovative Mint is at Falcon's discretion during the term. Falcon may trade, lend, stake or re-pledge it, and may return equivalent assets in place of the original units.
Sources: Falcon Finance: appointment of HT Digital for onchain transparency and reporting (June 2025), Falcon Finance: How Falcon Finance Manages Risks (custodians, Harris & Trotter, ISAE 3000), PR Newswire: Falcon Finance publishes independent quarterly audit report (1 October 2025), Falcon Finance docs: Insurance Fund, Falcon Finance docs: USDf and sUSDf Terms and Conditions, clause 11.3, Falcon Finance: combined assurance report, 31 October 2025, Falcon Finance: assurance report and opinion, 30 April 2026
Falcon Finance issues one stablecoin on the map, USDf, an overcollateralized synthetic dollar pegged to the US dollar. Non-stablecoin collateral mints USDf under an overcollateralization ratio that Falcon sets per asset from volatility, liquidity and slippage. A fixed-term route, Innovative Mint, locks altcoins for 3 to 12 months with a $50,000 minimum. Redemptions carry a 7-day cooldown.
Staking it in Falcon's ERC-4626 vaults mints sUSDf, whose value against USDf rises as strategy yield accrues. sUSDf is not on the map. Falcon's docs list USDf contracts on Ethereum, BNB Smart Chain, Solana and XDC Network. The map covers Ethereum and BNB Chain.
Sources: Falcon Finance docs: Overcollateralization Ratio, Falcon Finance docs: Innovative Mint, Falcon Finance docs: Redemptions, Falcon Finance docs: sUSDf (Yield-Bearing Token), Falcon Finance docs: Smart Contracts
Summed by recorded day (daily for the last year, weekly before that). This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated
