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Deployments · platform by Falcon Finance

Falcon Finance USDf synthetic dollarNew

An overcollateralised synthetic dollar from Falcon Finance, minted against deposits of stablecoins, major crypto assets and selected tokenised real-world assets such as tokenised stocks and gold, with the collateral run in market-neutral strategies. Minting and redemption require KYC. About $1.7 billion was in circulation in October 2026, mostly on Ethereum. In the register as one of the largest crypto-collateralised dollars.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (scaled) since 24 Mar 2025[1] — First supply in DefiLlama's series; openly held, with KYC for minting. · Reviewed 24d ago

Assets
Other claim[2]
Overcollateralised synthetic dollar, not fiat-reserved
Networks
Ethereum Public, permissionless[1]
BNB Chain Public, permissionless[1]
Use cases
Primary issuance[1]
Jurisdictions
Global

Participants

Assets

Metrics

  • ~$1.73bnTokens in circulation · as of 15 Oct 2026context[1]
    On-chain via DefiLlama; sum of its per-chain balances. Gross supply, shown not counted: 97.7% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-23).
  • ~$1.69bnTokens in circulation (counted part) · as of 15 Oct 2026[1]
    97.7% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-23, source falcon-transparency-oct23).
  • ~$1.61bnTokens in circulation · as of 15 Oct 2026 · on Ethereumcontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 97.7% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-23).
  • ~$1.57bnTokens in circulation (counted part) · as of 15 Oct 2026 · on Ethereum[1]
    97.7% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-23, source falcon-transparency-oct23).
  • ~$114.44mTokens in circulation · as of 15 Oct 2026 · on BNB Chaincontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 97.7% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-23).
  • ~$111.75mTokens in circulation (counted part) · as of 15 Oct 2026 · on BNB Chain[1]
    97.7% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-23, source falcon-transparency-oct23).
  • ~$1.67bnSupply on chain (daily) · as of 7 Nov 2026context[8]
    Automated daily reading of on-chain supply across all chains. Gross supply, shown not counted: 97.7% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-23).
  • ~$1.63bnSupply on chain (daily) (counted part) · as of 7 Nov 2026[8]
    97.7% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-23, source falcon-transparency-oct23).
  • ~$114.52mSupply on chain (daily) · as of 7 Nov 2026 · on BNB Chaincontext[8]
    Automated daily reading. Gross supply, shown not counted: 97.7% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-23).
  • ~$111.83mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on BNB Chain[8]
    97.7% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-23, source falcon-transparency-oct23).
  • ~$1.5bnSupply on chain (daily) · as of 7 Nov 2026 · on Ethereumcontext[8]
    Automated daily reading. Gross supply, shown not counted: 97.7% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-23).
  • ~$1.47bnSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Ethereum[8]
    97.7% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-23, source falcon-transparency-oct23).

Timeline

  1. Happened 24 Mar 2025 · Launch · recorded 15 Oct 2026
    First USDf supply on Ethereum in DefiLlama's data.[1]

Sources

  1. [1]USDf stablecoin data (API) — DefiLlama, 15 Oct 2026. Accessed 15 Oct 2026. DefiLlama classes the peg mechanism as crypto-backed..A
  2. [2]USDf (Synthetic Dollar) | Falcon Finance docs — Falcon Finance. Accessed 15 Oct 2026.B
  3. [3]Supported Assets | Falcon Finance docs — Falcon Finance. Accessed 17 Oct 2026. Real-world-asset collateral list names XAUT (Tether Gold), several xStocks and Superstate USTB..B
  4. [4]Know Your Customer (KYC) | Falcon Finance docs — Falcon Finance. Accessed 15 Oct 2026.B
  5. [5]User Deposit Process | Falcon Finance Docs — Falcon Finance. Accessed 28 Oct 2026. Names Ceffu (MirrorX) and Fireblocks (CVA) as the custodians / off-exchange settlement providers..B
  6. [6]Falcon Finance Publishes Independent Quarterly Audit Report Confirming USDf Fully Backed by Reserves — Falcon Finance (via Chainwire), 1 Oct 2025. Accessed 28 Oct 2026. Issuer release distributed by Chainwire..B
  7. [7]BKR Member Firm ht.digital Appointed to Provide Proof of Reserves Assurance for Falcon Finance — BKR International, 19 Jun 2025. Accessed 28 Oct 2026.B
  8. [8]Supply by chain, read daily — DefiLlama (automated daily refresh). Accessed 7 Nov 2026.A

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