---
title: "Falcon USD (USDf) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usdf-falcon/"
description: "Build-time stablecoin profile for Falcon USD (USDf). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-03"
---



# Falcon USD (USDf)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

Falcon Finance takes the {{term:delta-neutral}}delta-neutral{{/term}} playbook and cranks the risk dial: 45% BTC shorts, 30% stablecoins, 5% ETH shorts, 5% tokenized Treasuries, and the part that separates it from Ethena — 15% in altcoins like DOGE, FET, TRX, and TON, each hedged with {{term:perpetual}}perp{{/term}} shorts on centralized exchanges where liquidity can vanish in a single cascade. USDf has slipped to a C+ safety grade, and the culprit is plain in the sub-scores: the peg itself holds up well, but liquidity is the soft spot, and the whitelisted-onchain {{term:redemption}}redemption{{/term}} backstop is the bottleneck — the exit door is narrow relative to the room's occupancy. The sUSDf yield attracts capital faster than the exotic, altcoin-heavy collateral mix can comfortably support, which is exactly the tension a C+ encodes. DEWS keeps it loitering toward the cautious end of the stress scale rather than the calm one, and real-time reserve transparency via ht.digital is a genuine differentiator. But a track record of brief sub-peg blips, with occasional excursions of several hundred basis points, suggests the altcoin hedging strategy stumbles where BTC-only approaches wouldn't.

## Collateral

Overcollateralized: stablecoins (USDC, USDT, USD1, FDUSD) minted 1:1; volatile assets (BTC, ETH, SOL, select altcoins) with dynamic overcollateralization ratios based on volatility and liquidity

## Peg Mechanism

Overcollateralized synthetic dollar; liquidation mechanisms and arbitrage maintain the $1 peg; delta-neutral strategies power sUSDf yield

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| British Virgin Islands | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xfa2b947eec368f42195f24f36d2af29f7c24cec2` | 18 |
| bsc | `0xb3b02e4a9fb2bd28cc2ff97b0ab3f6b3ec1ee9d2` | 18 |
| base | `0x8210c0634ab8f273806e4b7866e9db353773c44b` | 18 |
| xdc | `0x8210c0634ab8f273806e4b7866e9db353773c44b` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/usdf-falcon.