October 2025: $2B USDf, RWA Integrations, and Perryverse Launch

Following the launch of the FF governance token on September 29, the market saw strong day-one interest before stabilizing in the weeks that followed. The month also brought a wave of major developments that signal Falcon’s next stage of growth.

We introduced the Perryverse NFT collection, featuring rarity traits that boost Falcon Miles Season 2 points. M2 Capital and Cypher Capital committed $10 million to accelerate the expansion of Falcon’s universal collateralization infrastructure. On the product side, Falcon Finance and Backed pioneered onchain yield from tokenized stocks, and the integration of Tether Gold (XAUt) expanded the use of tokenized real-world assets, turning traditionally passive holdings into productive onchain liquidity.

USDf continued its steady growth throughout the month, surpassing $2 billion in circulation and strengthening its position as the leading synthetic dollar powering onchain liquidity and yield.

USDf & Product Updates

sUSDf Continues to Outperform Other Major Yield-Bearing Stablecoins

sUSDf, the yield-accruing version of USDf, has continued to outperform most major yield-bearing stablecoins with more than $200M in TVL.

30D APY as of Nov 3, 2025: → sUSDf: 8.86%

Source: StableWatch

Here’s a snapshot of USDf and sUSDf as of November 3, 2025, covering supply, yield, and overall protocol growth.

• USDf supply surged 9.2% MoM, climbing from $1.85B on October 1 to $2.02B
• Total backing stands at $2.15B, with an overcollateralization ratio of 106.9%.
• sUSDf is delivering 8.89% APY, with its price rising to $1.078 over the past month, reflecting steady yield accrual and compounding returns.

Key Announcements

M2 Capital and Cypher Capital Invest $10M in Falcon Finance to Accelerate Universal Collateralization Infrastructure

Falcon Finance secured a $10 million strategic investment from M2 Capital and Cypher Capital, marking a key milestone in its mission to build the universal collateralization infrastructure for onchain liquidity and yield. The investment follows rapid protocol growth, with USDf surpassing $1.6 billion in circulation, an onchain insurance fund established for user protection, and the first live mint of USDf against tokenized U.S. Treasuries. Supported by Chainlink CCIP and Proof of Reserve, Falcon continues to expand integrations across DeFi and RWAs, while the new funding will accelerate its global roadmap and strengthen its position as one of the leading infrastructures bridging real-world assets with decentralized finance.

Falcon Finance Integrates Tether Gold (XAUt) to Unlock Gold-Backed DeFi Yield

Falcon Finance has integrated Tether Gold (XAUt), the world’s largest gold-backed token, as collateral for minting USDf, expanding its use of tokenized real-world assets and turning gold into productive onchain liquidity. The move brings one of the most enduring stores of value into DeFi, allowing users to earn sustainable yield while maintaining exposure to gold.

Falcon Finance and Backed Pioneer Onchain Yield from Tokenized Stocks

Falcon Finance partnered with Backed to integrate xStocks, bringing tokenized equities like TSLAx, NVDAx, MSTRx, CRCLx, and SPYx into its collateral framework. This marks the first real-world equity integration within Falcon, allowing users to mint USDf against compliant, fully backed tokenized stocks. The collaboration transforms traditionally passive assets into productive, yield-bearing collateral, bridging regulated financial instruments with open DeFi infrastructure.

Falcon Finance Brings USDf and FF to Over 50 Million Merchants via AEON Pay

Falcon Finance partnered with AEON Pay to enable USDf and FF payments across more than 50 million merchants worldwide, expanding DeFi’s reach into real-world commerce. Through the AEON Pay Telegram App, users can spend Falcon’s synthetic dollar and governance token for everyday online and offline transactions via major wallets such as Binance Wallet, OKX, Bitget, KuCoin, Solana Pay, and Bybit. The partnership connects Falcon’s yield-bearing stable liquidity with AEON’s vast settlement network, marking one of the largest real-world utility expansions for decentralized finance. Already live across Southeast Asia, Africa, and Latin America, the collaboration brings crypto closer to mainstream adoption by turning onchain liquidity into a medium for global payments and everyday use.

Falcon Finance, Velvet, and OlaXBT Integrate x402 to Power Agentic Portfolios

Falcon Finance has partnered with Velvet and OlaXBT to integrate x402, launching a pilot USDf–FF vault on BNB Chain managed by OlaXBT and powered by Velvet’s infrastructure. This marks the start of AI-driven vault management, where synthetic dollars meet intelligent agents to create a new era of automated, adaptive onchain liquidity and yield.

Falcon Finance Expands Collateral Support with KAIA and USDT on Kaia Chain

Falcon Finance has added KAIA and USDT (Kaia) as new collateral options to mint USDf, giving users across Asia greater flexibility and access to onchain liquidity. USDf, Falcon’s overcollateralized synthetic dollar minted on Ethereum, can also be staked as sUSDf, the yield-bearing version that continues to rank as the top synthetic dollar by APY.

This integration strengthens Asia’s stablecoin infrastructure and aligns with Kaia’s vision to unify the region’s fragmented financial systems. Formed through the merger of Klaytn and Finschia, Kaia is Asia’s largest Web3 ecosystem backed by Kakao and LINE, reaching over 250 million users through its messenger superapps. Together, Falcon Finance and Kaia are building the foundation for a borderless, yield-driven Web3 economy that connects stable liquidity with everyday digital finance.

Perryverse NFT Collection Launched

Falcon Finance launched the Perryverse NFT collection, featuring 3,500 mystery eggs that conceal unique traits and rarities revealed upon hatching. Each rarity tier grants a Falcon Miles boost in Season 2, adding a gamified layer to community engagement. The entire collection sold out within a day, showcasing incredible community support.

Collectors can still explore the Perryverse on OpenSea before the big reveal: opensea.io/collection/perryverse-perry-egg.

What’s Next?

October was a big one for Falcon Finance, filled with launches, integrations, and milestones that brought our vision closer to reality. We expanded collateral support with KAIA and USDT (Kaia), integrated Tether Gold (XAUt) and xStocks to turn real-world assets into productive liquidity, partnered with AEON Pay to bring USDf and FF into everyday payments, and introduced AI-driven vault management with Velvet and OlaXBT. The Perryverse NFT collection also sold out in a day, setting the stage for an exciting Falcon Miles Season 2.

We’ll keep building, integrating more RWAs, driving Miles Season 2, and revealing what’s next in the Perryverse. The momentum is growing!