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
0.6% of USD stablecoin supply · 10th of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
35th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
18th of 43 USD stablecoins scanned on Ethereum
Share of supply in lending
at least · USD median 4.0%
Best yield
ranked by lower of 30d and spot APY × deposits · Falcon Finance savings · 3.64% base, 0% rewards
USDf is a USD stablecoin issued by Falcon Finance, launched in Feb 2025.
USDf can be minted against tokenized stocks and gold as well as stablecoins and crypto. Falcon's documented collateral list includes Tether Gold, five Backed xStocks including TSLAx and SPYx, and USTB, a tokenized US government securities fund. DWF Labs backed Falcon Finance, and Andrei Grachev is a founding partner of Falcon Finance.
What USDf is
USDf is a synthetic dollar minted against collateral deposited with Falcon Finance. Falcon's documentation calls it an overcollateralized synthetic dollar, created when users deposit eligible collateral assets. Accepted deposits include stablecoins such as USDT, USDC and DAI, plus BTC, ETH and selected altcoins. Falcon says it manages deposits through neutral market strategies that hold full asset backing while limiting exposure to directional price moves.
Collateral and chains
Overcollateralization applies to non-stablecoin deposits. Falcon calibrates each asset's ratio on its volatility, liquidity profile, market slippage and historical price behaviour.
The peg reference is the US dollar. Falcon's contract page lists USDf on Ethereum, BNB Smart Chain, Solana and the XDC Network.
Sources: Falcon Finance docs, USDf (Synthetic Dollar), Falcon Finance docs, Overcollateralization Ratio, Falcon Finance docs, smart contract addresses by chain, Falcon Finance docs, Supported Assets (36 collateral assets incl. XAUT, xStocks, USTB), Falcon Finance, Falcon Finance and Backed integrate xStocks as USDf collateral (28 October 2025), Falcon Finance, Falcon Finance integrates Tether Gold (XAUt) as collateral for minting USDf (27 October 2025), Falcon Finance website (CeDeFi self-description, DWF Labs backer, founder Andrei Grachev), PR Newswire, Falcon Finance publishes independent quarterly audit report (Founding Partner Andrei Grachev), Falcon Finance: September 2026, a national stablecoin becomes USDf collateral
1.7B USDf in circulation across 2 chains, 1 of them holding supply bridged from Ethereum. Ethereum carries 93.2%. That is 0.6% of the USD stablecoin supply on the map, 10th largest of 70.
The contracts on the chains listed report 1.8B USDf in total, before bridged supply is counted once.
BSC holds bridged supply: each token there is backed by Ethereum supply, or by a custodian holding it. The total counts each token once, so bridged supply shows on the chain that holds it, marked “bridged from” its source, and comes off the source chain's row.
All USD stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 64 USD stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across USDf’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 70 active USD stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
1.7B USDf
0.6% of all USD stablecoin supply, #10 of 70
Ethereum 93.2% · other chains 6.8%
Ethereum1.6B USDf · 93.2%
BSCbridged from Ethereum114.6M USDf · 6.8%Supply growth
Counted on Ethereum. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders. The median column compares stablecoins counted on the same chain. A few of them are read from DIA’s replay state, which leaves contracts in, so a median can mix two rules.
Source: Blockscout.
6,395holders on Ethereum
18th of 43 USD stablecoins on Ethereum
| USDf | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 15.7% | 16.5% |
| Top 10 | 71.3% | 53.3% |
| Top 50 | 93.3% | 57.0% |
| Top 100 | 93.9% | 74.7% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
USDf's typical daily move over the last 90 days was 10.0 bps, steadier than 22 of 66 other USD stablecoins.
By default USDf sits beside its largest USD peer by current supply. Add more from the picker below the chart. Figures are in basis points: 100 bps = 1%.
Peg volatility is how much USDf's price swings around $1 from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at $0.998 scores near zero. Largest deviation is the single day in the last 12 months furthest from $1, signed.
Median of peers, off by default, is the middle value among the peers currently shown; turn it on from the chart's controls.
The ranking counts every active USD stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled $1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
10.0 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, USDf's daily swings around $1 were smaller than those of 22 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 USDf | −90 bps (−0.90%) | 12 bps | 10.0 bps | −88 bps (−0.88%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
Falcon's peg mechanism is arbitrage through the mint and redeem window. Its documentation says KYC-verified users can mint USDf at par and sell it where it trades above $1.00, or buy it below peg on external markets and redeem it for $1.00 of collateral per token. Redemptions carry a 7-day cooldown before assets are released, which Falcon attributes to the time needed to unwind positions from its yield strategies.
LlamaRisk's assessment, published 13 January 2026, recorded downward deviations reaching 0.851 cents below par and a maximum recovery time of 155 hours.
Sources: Falcon Finance docs, USDf Peg Stability, Falcon Finance docs, Redemptions, LlamaRisk, Asset Risk Assessment: Falcon USDf (13 January 2026)
$27.9K of USDf is supplied to 3 lending markets on 2 protocols, <0.1% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much USDf is supplied to lending markets DIA reads onchain, where it can be borrowed. The figure is gross: most of it is on loan, and a borrower can deposit borrowed USDf again, so the same money can count more than once. Coins posted only as isolated collateral (Morpho-style) are not counted. Excludes DEX liquidity, CDP collateral, and chains or protocols DIA does not yet track.
Source: DIA's own reads of each lending contract. Balances, supply and borrow rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000 of USDf, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for USDf.
Both figures are averages across markets, weighted by how much USDf each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 79% of the balance report an APY.
Ranks and the median compare USDf with the 41 USD stablecoins that have a published lending balance on this map, each measured the same way. Coins with no balance in a market DIA reads are not in the median.
$28K<0.1% of supply
supplied to 3 lending markets on 2 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
17%
Borrowed
share of supplied USDf now on loan
0.02%
Average supply APY
weighted by USDf balance in each market
By protocol
52%$14KEthereumUSDf / sUSDf$9K0.05%45%EthereumUSDf$6K48%$14KEthereumUSDf$14K<0.01%<1%USDf in lending markets, by chain, largest first. The bar is each chain's share of USDf's lending balance.
Ethereumin 3 lending markets100.0%$28KAmong 41 USD stablecoins in lending markets
Top 5 USDf pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
3.64% | 4.06% | OrganicStable | Ethereum | +0.00% | $49.0M | Savings | ||
0.98% | 0.01% | LP fees · IL riskVolatile | Ethereum | +0.00% | $10.0M | LP | ||
3.11% | 4.33% | IncentiveStable | Ethereum | +3.00% | $3.2M | LP | ||
6.48% | 8.64% | IncentiveStable | Ethereum | +6.37% | $1.5M | LP | ||
7.64% | — | 8.24% | LP fees · IL riskStable | Ethereum | — | $1.2M | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
USDf in pool is USDf's own side of the pool, at its USD price. Pool liquidity counts both sides.
$24.6M of USDf sits in 6 DEX pools across 3 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼USDf in pool | 24h volume |
|---|---|---|---|---|---|
| USDf / USDT | BSC | $10.9M | $10.8M | $206.4K | |
| USDf / USDT | Ethereum | $10.0M | $10.0M | $217.9K | |
| USDf / USDC | Ethereum | $3.2M | $2.8M | $179.2K | |
| USDf / USDT | Ethereum | $1.0M | $997.4K | $1.4K | |
| USDf / FF | BSC | $43.9K | $21.9K | $9.5K | |
| FF / USDf | BSC | $59.8K | $10.4K | $0 |
USDf is designed to be backed by crypto hedged with derivative shorts.
What Falcon publishes
Falcon runs a transparency dashboard it says is updated daily, weekly reserve attestations by HT.Digital, and independent assurance reports. Its September 2026 recap put USDf supply at $1.21b, total reserves at $1.90b and the backing ratio at 156.47% as of 30 September 2026. The same post put BTC at 64.38% of reserve exposure, roughly $1.22b, with enzoBTC at 18.28% and mBTC at 13.93%.
The assurance reports
Falcon published its first independent quarterly audit report on 1 October 2025. Harris & Trotter LLP performed it under the International Standard on Assurance Engagements (ISAE 3000), covering wallet ownership, collateral valuation, user deposits and reserve sufficiency. The later assurance reports, as at 31 October 2025 and 30 April 2026, are signed by HT Digital Ltd.
Weekly collateral letters
HT Digital Ltd's weekly letters state the USDf in circulation and the collateral it has had sight of. The letter dated 28 September 2026 counted 1,212.93 million USDf in circulation and states that HT Digital has not performed any procedures over whether any security has been placed on the assets. Falcon maintains an insurance fund at the Ethereum address 0x432CDcc4516B21302985b639Ef9a7853727A4e49. Its September 2026 recap put the fund at $10 million.
Sources: Falcon Finance, September 2026 monthly recap with supply, reserves, backing ratio and insurance fund, Falcon Finance, A Guide to Transparency and Security in Falcon Finance, Falcon Finance press release, first independent quarterly audit report (Harris & Trotter LLP, ISAE 3000), HT Digital Ltd, independent assurance report on the Falcon (USDf) Reserves Report as at 31 October 2025, HT Digital Ltd, independent assurance report on the Falcon (USDf) Reserves Report as at 30 April 2026, HT Digital Ltd, USDf collateral letter, 28 September 2026, Falcon Finance docs, Insurance Fund, Falcon Finance: transparency dashboard
Ethereum0xb3b02e4a…ec1ee9d2mint(address,uint256)0xfa2b947e…7c24cec2mint(address,uint256)eip1967-transparentRead from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can mint · upgrade (proxy)
Independent reserve attestations are published weekly.
Falcon's terms of use reference British Virgin Islands time. The terms make no claim of a licence for Falcon itself. The risk disclosure statement in the terms says Falcon Digital Limited "is not currently licensed by any regulatory authority".
Access is gated. Individual users must complete KYC before depositing. The restricted jurisdiction list in the terms includes the United States, Singapore, China and the Russian Federation.
Sources: Falcon Finance docs, Terms of Use, Falcon Finance docs, Know Your Customer (KYC)
Collateral concentration
The September 2026 recap put the three largest reserve lines at BTC (64.38%, roughly $1.22b), enzoBTC (18.28%) and mBTC (13.93%). LlamaRisk recorded reserves becoming increasingly BTC-dominant between June and September 2025, with stablecoins at 20% to 40% of the portfolio. Falcon's collateral acceptance framework scores a candidate asset on Binance liquidity, funding rate stability, open interest and market data availability.
Redemption and access
Redemption runs on a 7-day cooldown, and the arbitrage that pulls USDf back to par is open only to KYC-verified users. A holder who has not completed KYC cannot redeem.
Where the yield comes from
Falcon's documented strategies include positive and negative funding rate arbitrage, cross-exchange price arbitrage, native altcoin staking and on-chain liquidity pools. The yield depends on perpetual futures venues and exchange counterparties.
Assurance perimeter
Zellic and Pashov audited the USDf and sUSDf contracts and reported no vulnerabilities of critical or high severity. Those are code audits. HT Digital's weekly collateral letters state that it has not performed any procedures over whether any security has been placed on the assets they list.
Sources: Falcon Finance, September 2026 monthly recap with reserve composition, Falcon Finance docs, Collateral Acceptance & Risk Framework, Falcon Finance docs, Yield Generation strategies, Falcon Finance docs, Audits (Zellic, Pashov), LlamaRisk, Asset Risk Assessment: Falcon USDf, HT Digital Ltd, USDf collateral letter, 28 September 2026, Falcon Finance: A Guide to Transparency and Security in Falcon Finance
Falcon Finance's September 2026 recap put total reserves at $1.90b against $1.21b of USDf supply, a backing ratio of 156.47%, as of 30 September 2026. The three largest reserve lines were BTC at 64.38% (roughly $1.22b), enzoBTC at 18.28% and mBTC at 13.93%. Users mint USDf by depositing stablecoins such as USDT, USDC and DAI, or non-stablecoin assets including BTC and ETH, which carry a per-asset overcollateralization ratio.
Falcon published its first independent quarterly audit report on 1 October 2025, performed by Harris & Trotter LLP under ISAE 3000, covering wallet ownership, collateral valuation, user deposits and reserve sufficiency. HT.Digital performs weekly reserve attestations. Separately, Zellic and Pashov audited the USDf and sUSDf smart contracts and reported no critical or high severity vulnerabilities.
Redemption is request-based and subject to a 7-day cooldown before assets are released. Falcon attributes the delay to the time needed to withdraw assets from its active yield strategies. Minting and redemption are limited to KYC-verified users, and Falcon's terms restrict access from a list of jurisdictions that includes the United States and Singapore.
Falcon Finance's contract page lists USDf on Ethereum, BNB Smart Chain, Solana and the XDC Network. The Global Stablecoin Map reads the Ethereum and BNB Smart Chain deployments.
7 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 2026), Ethereum Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it. The axis spans -100 bps to +50 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 2 closes sit beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
USDfSource: DeFiLlama and CoinGecko prices Updated