USDf is a synthetic dollar from the Falcon Finance project: a token meant to be worth one US dollar but backed not by bank deposits but by deposited crypto assets, above all Bitcoin. Anyone who creates USDf deposits stablecoins or other coins as collateral and receives new tokens in return. That makes USDf fundamentally different from Tether or USDC, which are backed by cash and government bonds. With a supply of roughly $1.56 billion to $1.72 billion, depending on the data source, USDf is among the larger crypto dollars in November 2026, and on Friday the token traded at around $0.995, just below its intended peg.
For investors in the EU, USDf is interesting mainly for one reason: through its yield-bearing version sUSDf, Falcon Finance promises an ongoing return on dollar balances. This article explains how the backing is structured, where the yield is supposed to come from, how redemption works and why the token has no MiCA authorisation in the EU.
What is USDf and who issues the synthetic dollar?
A synthetic dollar is a token whose value is tied to the dollar through a construction of crypto ...
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