sUSDf, issued by Falcon Digital Limited, is a yield-bearing tokenized vault providing economic exposure to a market-neutral institutional trading strategy, minted when holders of the synthetic dollar USDf stake those tokens into the protocol's vault. [S1][S2]

sUSDf tracks an institutional yield strategy that accrues value through exchange-rate appreciation rather than rebasing, so balances stay constant while the sUSDf-to-USDf exchange rate rises as rewards accrue. [S2] Yield is generated through market-neutral strategies including funding-rate and basis arbitrage between spot and perpetual futures, cross-exchange arbitrage, native staking of non-stablecoin assets, onchain liquidity provision, and options strategies. [S3] Falcon does not charge protocol-specific fees; holders bear gas and execution costs. [S4]

Falcon Digital Limited, trading as Falcon Finance, is formed under the laws of the British Virgin Islands and states that it is not currently licensed by any regulatory authority. [S1] sUSDf is a synthetic, yield-bearing asset conveying no ownership, property, or title; it is not legal tender and carries no government insurance. [S1] Access requires KYC and AML verification, holders must be 18 or older, and users incorporated or residing in restricted jurisdictions or who are U.S. persons are excluded, though U.S. users may stake USDf for yield. [S1][S5][S4] Collateral backing the system is routed to third-party qualified custodians, Ceffu and Fireblocks, under MPC or multi-sig controls. [S6]

sUSDf is an ERC-4626 tokenized vault deployed on Ethereum Mainnet. [S2][S7] It is minted by staking USDf at the prevailing vault exchange rate, with restaking offering fixed-term boosted yield. [S8][S2] Redemptions apply a 7-day cooldown before assets are received. [S9] A daily transparency dashboard tracks reserves, supported by weekly reserve reports and quarterly assurance reports. [S10]

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://docs.falcon.finance/resources/terms-of-use.md" },
    { id: "S2", url: "https://docs.falcon.finance/earn/susdf-yield-bearing-token.md" },
    { id: "S3", url: "https://docs.falcon.finance/earn/yield-generation.md" },
    { id: "S4", url: "https://docs.falcon.finance/resources/frequently-asked-questions-faq.md" },
    { id: "S5", url: "https://docs.falcon.finance/know-your-customer-kyc.md" },
    { id: "S6", url: "https://docs.falcon.finance/mechanism/risk-management.md" },
    { id: "S7", url: "https://docs.falcon.finance/resources/smart-contracts.md" },
    { id: "S8", url: "https://falcon.finance" },
    { id: "S9", url: "https://docs.falcon.finance/mechanism/redemptions.md" },
    { id: "S10", url: "https://app.falcon.finance/transparency" },
  ]}
/>


# Asset Price methodology

## 1. Overview

Asset price represents the closing USD value of a tokenized asset at the end of each day. Daily prices are recorded to facilitate the valuation of on-chain activity and the calculation of market capitalization. Each price point reflects the market value at the conclusion of the UTC day.

## 2. Data sources

- **Asset metadata**: Token contract addresses, ticker identifiers, and on-chain launch timestamps
- **External data**: End-of-day price feeds and exchange rate feeds from market data providers
- **Blockchain data**: Data covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others) and non-EVM chains such as Solana, Aptos, and Near

## 3. Step-by-step calculation

### Component A: Market data retrieval

- **Purpose**: Collect raw daily price information
- **Logic**: Daily price data is retrieved from external market data providers. For assets pegged to specific currencies, prices are calculated using a multiplier and daily exchange rates. For assets traded on traditional exchanges where data is unavailable on certain days, such as weekends or holidays, missing values are filled with the last available closing price.

### Component B: Timestamp normalization

- **Purpose**: Align price data with daily reporting periods
- **Logic**: Timestamps are truncated to the daily grain. To accurately reflect the closing value, prices recorded at the start of a day (00:00:00 UTC) are assigned to the preceding calendar day.

### Component C: Asset mapping and deduplication

- **Purpose**: Associate prices with unique assets and resolve data overlaps
- **Logic**: Prices are mapped to assets using unique identifiers for EVM-compatible and non-EVM chains. To ensure data integrity, price records are filtered to include only those occurring on or after the asset's on-chain launch date. In instances where price data for a single asset is available from multiple sources, the data is deduplicated by selecting the record with the highest priority to ensure a single, consistent closing price.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Asset price

Tokenized funds

Falcon Finance deploys deposited collateral into delta-neutral trading strategies (funding rate arbitrage, cross-exchange arbitrage, options, statistical arbitrage) to generate yield for sUSDf holders.

Falcon Finance is a synthetic dollar protocol that issues USDf, an overcollateralized stablecoin backed by collateral managed through delta-neutral hedging strategies. Users stake USDf into sUSDf to earn yield.

Falcon Finance team, founded by Andrei Grachev (co-founder of DWF Labs). Investors include DWF Labs, World Liberty Financial, M2, Monarq.

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Stablecoin issuers

Falcon Finance

Falcon Finance Staked USDf (sUSDf) is a tokenized fund share issued by Falcon Finance through Falcon Digital Limited.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in crypto assets, keeps its assets in accounts segregated from the issuer's own funds, and locks up subscriptions for 0 months.

Its assets sit with Fireblocks and Ceffu, with HT Digital Ltd as auditor.

Retail investors and institutions can mint and redeem directly with Falcon Finance in USDf, and holders have a right to redeem at net asset value.

Falcon Digital Limited is incorporated in the British Virgin Islands.

Holder terms are governed by the law of the British Virgin Islands.

sUSDf has been issued on Ethereum as an ERC-4626 token since February 2025.

Falcon Finance Staked USDfsUSDf