USDf vaults
About USDf vaults
Falcon Finance USD USDf is used in 2 stablecoin vaults with $56.5M TVLacross 1 protocol. The largest vaults are Staked Falcon USD, AlphaGrowth Falconand the most popular vault protocol is Euler. The last 30 days' average yield is 0.5%.
1 vault is excluded from this ranking due to minimum TVL requirements or risk issues.
About Falcon Finance USD
USDf is a stablecoin issued by Falcon Finance, focused on delta-neutral yield strategies. It provides stable value backed by hedged crypto positions. Falcon Finance is designed for both institutional and DeFi use.
Falcon Finance issues USDf as a synthetic dollar backed by hedged crypto positions. Users deposit eligible assets — stablecoins such as USDC/USDT at a 1:1 ratio, or non-stablecoin crypto assets — which are overcollateralised and delta-hedged by Falcon's proprietary trading strategies. The protocol targets institutional and DeFi participants seeking stable yield.
Mechanism
Falcon maintains the USD peg through a delta-neutral strategy: spot crypto positions are offset by short perpetual futures positions, eliminating directional price exposure. The protocol captures yield from positive funding rates (holding spot, shorting perps) and can also generate returns in negative funding rate environments by inverting the position. An on-chain Insurance Fund provides a backstop against extreme market stress.
Reserve attestations are published weekly by HT Digital, with quarterly ISAE 3000 assurance reports, providing verifiable proof of backing.
sUSDf is the staked, yield-bearing version of USDf: holders deposit USDf to receive sUSDf, which appreciates in value as yield accrues. USDf surpassed $2 billion in supply by October 2025.
Key properties
- Delta-neutral synthetic dollar — no directional crypto exposure
- Accepts stablecoins (1:1 mint) and crypto collateral (overcollateralised)
- Weekly reserve attestations and quarterly ISAE 3000 reports
- Insurance Fund as on-chain last-resort backstop
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Performance and risk
The vaults on the listing are limited to the current category. See all vaults.
| 3M price | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Staked Falcon USD Unknown vault protocol | 4.3%* | 4.7%* | 13.8%* | 31.4 | 0.1% | 0.0% | USDf | $56.22M $786.88M | 1.7 | --- | Unknown | Unknown |  | ||
AlphaGrowth Falcon Euler | 0.5% | 0.6% | 6.9% | 6.5 | 0.1% | 0.0% | USDf | $13.69K $51.37M | 1.3 | 0.0%/ 10.0% | Instant | Negligible |  |
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