---
title: "Forest Road USDfr (USDfr) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usdfr-forest-road/"
description: "Build-time stablecoin profile for Forest Road USDfr (USDfr). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-10-02"
---



# Forest Road USDfr (USDfr)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

USDfr turns a USDC deposit into a transferable dollar claim backed mainly by Forest Road-originated specialty-finance credit. Direct minting and redemption require KYC, while nonblocked holders can transfer the token or use its independent Uniswap market. The onchain reserve ledger separates idle USDC from deployed principal and accrued interest, but attester-signed loan facts do not establish independently verified borrower values or enforceable holder priority. Forest Road controls governance at launch and can change upgradeable logic through a two-day timelock. USDfr itself earns no yield; the separate sUSDfr vault receives credit income and carries its own queue and loss exposure. The durable exit constraint is the availability of idle USDC, alongside unresolved legal and financial-assurance evidence and disclosed open economic findings.

## Collateral

Specialty-finance credit receivables and idle canonical USDC in an Ethereum reserve. Forest Road originates and services the book; loan facts enter through threshold-signed attestations. Renewable-energy, media/entertainment and a related-party digital-assets facility are disclosed sectors.

## Peg Mechanism

KYC-approved participants mint USDfr 1:1 with USDC. Direct USDfr-to-USDC redemption pays 1:1 while fully backed and is limited to idle USDC, with transfer blocklisting and pause controls. A separate Uniswap v4 market supports secondary exit. USDfr itself earns no yield; sUSDfr is a separate instrument.

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xcc07e7c4e5e35affd47b351e420a22c667d7f83d` | 18 |

## Live Data

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