Need verifiable oracle data for your project?
DIA provides transparent, customizable price feeds across 50+ chains with fully auditable methodology.
Issued by Falcon Finance
Market cap
DIA price
Total supply
Holders
1.3B USDf
6,329holders
Measured on Ethereum. Shares are of the Ethereum supply, not the multi-chain total.
+$411.4Ksince Fri, Aug 28 UTC
Change in the supply DIA reads across this coin’s chains, between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Market data · CoinGecko
Market data · CoinGecko
Circulating supply · DeFiLlama
Aggregator figure, not a contract read. DIA’s own onchain supply is the separate series below.
Percentage change in USDf's circulating supply as reported by DeFiLlama, measured against that source's own past. It is not a change in the onchain supply above, which DIA reads from the contracts directly and which is a different measurement of the same coin. A dash means the map has no reading close enough to the start of the window, a stretch inside it where supply was not reported at all, or a starting figure too small for a percentage to describe. Hover a dash for which.
$71.0M
deployed across 1 market on 1 protocol
Lower bound: USDf's balance inside lending markets DIA reads on-chain directly. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
DIA price
$0.9971
Peg deviation
-29 bps
Peg currency
USD
Launched
Primary use
—
Last snapshot
Fri, Sep 4 UTC
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 and the XDC Network. DIA's own registry reads about 1.179 billion USDf on Ethereum.
Sources: Falcon Finance docs, USDf (Synthetic Dollar), Falcon Finance docs, Overcollateralization Ratio, Falcon Finance docs, smart contract addresses by chain
What Falcon publishes
Falcon runs a transparency dashboard it says is updated daily, weekly reserve attestations by HT.Digital, and quarterly assurance reports. Its July 2026 recap put USDf supply at $1.26b, total reserves at $1.40b and the backing ratio at 111.1% as of July 31, 2026. The same post put BTC at about 65% of reserve exposure, roughly $916m, with mBTC at 14.6% and enzoBTC at 14.3%.
The quarterly engagement
Falcon published its first independent quarterly audit report on October 1, 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. That announcement states no reserve or supply figures of its own.
What is not readable
The transparency dashboard at app.falcon.finance is JavaScript rendered and served no reserve figures to a plain page fetch. LlamaRisk quotes Harris & Trotter's daily collateral letters as saying they "have not performed any procedures over the control and ownership of the above assets". Falcon maintains an insurance fund at the Ethereum address 0x432CDcc4516B21302985b639Ef9a7853727A4e49 and does not state its size in the documentation.
Sources: Falcon Finance, July 2026 monthly recap with supply, reserves and backing ratio, 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), LlamaRisk, Asset Risk Assessment: Falcon USDf, Falcon Finance docs, Insurance Fund
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, covering March to December 2025, recorded downward deviations reaching 0.851 cents below par and a maximum recovery time of 155 hours. DIA's own price read is $0.9968.
Sources: Falcon Finance docs, USDf Peg Stability, Falcon Finance docs, Redemptions, LlamaRisk, Asset Risk Assessment: Falcon USDf
Falcon's terms of use reference British Virgin Islands time. The terms make no claim of a licence for Falcon itself. LlamaRisk quotes Falcon as stating that 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), LlamaRisk, Asset Risk Assessment: Falcon USDf
Collateral concentration
The July 2026 recap put the three largest reserve lines at BTC (about 65%, roughly $916m), mBTC (14.6%) and enzoBTC (14.3%). LlamaRisk recorded reserves becoming increasingly BTC-dominant through 2025, with stablecoins falling to between 20% and 40%. 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. Both the yield and the collateral depend 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. The daily collateral letters, per LlamaRisk, disclaim procedures over control and ownership of the assets they list.
Sources: Falcon Finance, July 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
The Global Stablecoin Map reads USDf on Ethereum, at contract 0xFa2B947eEc368f42195f24F36d2aF29f7c24CeC2. That read returns about 1.179 billion USDf in on-chain supply, roughly 6,400 holders, and a price of $0.9968. Supply, holders and price are the map's own first-party registry data.
Falcon's own contract page lists two further deployments: USDf on BNB Smart Chain at 0xb3b02e4a9fb2bd28cc2ff97b0ab3f6b3ec1ee9d2, and on the XDC Network at 0x8210c0634AB8f273806e4b7866E9Db353773c44B. The supply figure above covers Ethereum only.
Collateral sits with custodians and on trading venues off chain. A token contract read cannot show it, and confirming it takes an attestation or a proof of reserves feed. Falcon's insurance fund address is on chain and can be read directly. USDf sits alongside other synthetic dollars in the stablecoin explorer.
Sources: Falcon Finance docs, smart contract addresses by chain, Falcon Finance docs, Insurance Fund
Falcon Finance's July 2026 recap put total reserves at $1.40b against $1.26b of USDf supply, a backing ratio of 111.1%. The three largest reserve lines were BTC at about 65% (roughly $916m), mBTC at 14.6% and enzoBTC at 14.3%. 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 October 1, 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 and the XDC Network. The Global Stablecoin Map reads the Ethereum deployment at 0xFa2B947eEc368f42195f24F36d2aF29f7c24CeC2, which holds about 1.179 billion USDf across roughly 6,400 holders.
0xb3b02e4a…ec1ee9d2Explorer ↗0xfa2b947e…7c24cec2Explorer ↗Supply on this page is read from these contracts. Addresses are verified by DIA against the issuer’s own published documentation.
0xb3b02e4a…ec1ee9d2mint(address,uint256)0xfa2b947e…7c24cec2mint(address,uint256)eip1967-transparentRead from the deployed contract. “Not determined” means the contract’s full function set could not be enumerated, not that the capability is absent: a bytecode scan can confirm that a function exists and can never prove that one does not.