Overview
USDf is a synthetic dollar issued by Falcon Finance, a protocol that operates similarly to Ethena but uses a broader collateral base including BTC, ETH, SOL, and BNB. Launched in late 2024, USDf reached $500M+ in supply by early 2025 by attracting yield-seekers with competitive sUSDf APY. Falcon Finance positions USDf as a higher-yield alternative to USDe by diversifying funding rate exposure across more perpetual markets.
Who Created USDf?
USDf was created by Falcon Finance and launched in 2024. It is a Synthetic stablecoin designed to maintain a stable value pegged to the US dollar.
Key Features
- +Multi-asset delta-neutral collateral (BTC, ETH, SOL, BNB) provides broader funding rate diversification
- +Competitive sUSDf APY often exceeds sUSDe during periods of elevated SOL/BNB funding rates
- +Designed as a yield-bearing alternative for DeFi users priced out of sUSDe liquidity
- +Integration with Pendle Finance for fixed-rate and yield speculative products
- +No direct bank dependency — fully on-chain synthetic design
- +BNB Chain deployment taps into deep Binance-adjacent liquidity and user base
Where to Use USDf
USDf is available on Ethereum, BNB Chain, Arbitrum. You can use it on centralized exchanges for trading, in DeFi protocols for lending and borrowing, or as a stable store of value to park funds between trades.
Official website: https://falconfinance.io