USDf Surpasses $600M: What’s Fueling the Growth?

Announcements

July 17, 2025

Just five weeks after crossing $500 million, USDf has now reached a new all-time high of $600 million in circulation.

It marks another milestone in Falcon’s mission: building the infrastructure layer that connects capital, collateral, and composability across onchain and offchain financial systems. We’re creating a unified framework where institutions, protocols, and capital allocators can transform assets into usable liquidity transparently, securely, and with strategic flexibility.

USDf plays a key role in that vision. It enables the use of any yield-generating, custody-ready asset, whether crypto-native, tokenized real-world, or fiat-linked, as enforceable collateral for issuing onchain liquidity and unlocking value across different financial domains.

In practice, that means USDf is doing exactly what it’s designed to do. It brings the benefits of a synthetic dollar, while tapping into crypto-native performance through delta-neutral strategies and diversified yield sources.

Now let's take a look at what’s been fueling this growth.

Transparency Enhanced with Proof of Reserve

We rolled out daily reserve attestations through HT Digital, showing a 115% overcollateralization rate, which is fully verifiable. Harris & Trotter LLP will also conduct a quarterly ISAE 3000 assurance review to verify the reserves at the end of each quarter.

Falcon Miles: Pilot Season Takes Off

We launched the Falcon Miles program to reward active users across minting, staking, LPing, and referrals. Since then, we’ve expanded Miles rewards to Pendle, Euler, Morpho, Napier, and Spectra, with up to 60x multipliers and retroactive drops.


First RWA Mint Goes Live

Falcon executed its first onchain mint of USDf using tokenized U.S. Treasuries (via Superstate’s USTB). This milestone marked a pivotal moment in bridging real-world assets with DeFi-native liquidity and composability.

BitGo Partnership for Institutional Custody

USDf is now supported by BitGo, enabling secure custody for institutions. Fiat ramps and staking integrations are also on the roadmap.

Cross-Chain Reach Expands to XRPL EVM and BNB Chain

USDf liquidity is now available on the XRP Ledger’s EVM chain via Axelar, and live on BNB Chain.

As we move toward a multi-chain DeFi future, these integrations open new frontiers in capital efficiency.

Each milestone gets us one step closer to the bigger vision. We're already looking ahead – more chains, more DeFi integrations, more vaults, and yes, more Miles.

Let’s keep flying.