USDf, issued by Falcon Digital Limited, is an overcollateralized synthetic stablecoin that is minted when users deposit eligible collateral and is referenced 1:1 to the U.S. dollar (USD). [S1][S2]

USDf references the U.S. dollar (USD) and is backed by collateral that consistently exceeds the value of USDf issued, spanning stablecoins minted at 1:1, roughly 23 non-stablecoin crypto assets requiring an overcollateralization buffer, and tokenized real-world assets including Tether Gold (XAUT). [S2][S3][S4] USDf itself is non-yield-bearing; yield accrues by staking USDf to mint sUSDf, whose exchange rate appreciates from market-neutral strategies. [S5][S6] Falcon does not charge protocol-specific fees; users bear gas and execution costs. [S7]

Falcon Digital Limited, trading as Falcon Finance, is a British Virgin Islands entity governed by British Virgin Islands law, and states it is not currently licensed by any regulatory authority. [S1] USDf is a synthetic asset conveying no ownership or property right, and is not legal tender, government-backed, or insured. [S1] Access requires users aged 18 or over to complete KYC and AML verification, excludes U.S. persons and restricted jurisdictions such as China, Russia, and Iran, and U.S. users may stake but not mint or redeem. [S1][S8][S7] Redemptions carry a seven-day cooldown. [S9] Collateral is held by third-party qualified custodians Ceffu and Fireblocks under MPC and multi-sig controls. [S10]

USDf is an ERC-20 token deployed on Ethereum Mainnet, BNB Smart Chain, and XDC Network, while sUSDf is an ERC-4626 vault token on Ethereum Mainnet. [S5][S11] USDf is minted by depositing stablecoins at roughly 1:1 or non-stablecoins with overcollateralization, and redeemed for supported stablecoins such as USDC or USDT after a seven-day cooldown. [S9][S12] A daily transparency dashboard reports reserves, with periodic Proof of Reserve and ISAE 3000 reports. [S7][S13]

<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/mechanism/usdf-synthetic-dollar.md" },
    { id: "S3", url: "https://docs.falcon.finance/mechanism/usdf-synthetic-dollar/overcollateralization-ratio.md" },
    { id: "S4", url: "https://docs.falcon.finance/supported-assets.md" },
    { id: "S5", url: "https://docs.falcon.finance/earn/susdf-yield-bearing-token.md" },
    { id: "S6", url: "https://docs.falcon.finance/earn/yield-generation.md" },
    { id: "S7", url: "https://docs.falcon.finance/resources/frequently-asked-questions-faq.md" },
    { id: "S8", url: "https://docs.falcon.finance/know-your-customer-kyc.md" },
    { id: "S9", url: "https://docs.falcon.finance/mechanism/redemptions.md" },
    { id: "S10", url: "https://docs.falcon.finance/mechanism/risk-management.md" },
    { id: "S11", url: "https://docs.falcon.finance/resources/smart-contracts.md" },
    { id: "S12", url: "https://docs.falcon.finance/mechanism/usdf-synthetic-dollar/usdf-minting-mechanisms.md" },
    { id: "S13", url: "https://app.falcon.finance/transparency" },
  ]}
/>


# Active users (weekly) Methodology

## 1. Overview

Active users (weekly) measures the number of unique addresses that engage in revenue-generating interactions with Falcon USD. For this product, activity is defined by the minting of new assets or the redemption of existing assets from circulation. This metric provides insight into the weekly demand and utility of Falcon USD by quantifying the distinct user base participating in its supply dynamics.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events for the Falcon USD asset, covering Ethereum

## 3. Step-by-step calculation

### Component A: Falcon USD mint identification

- **Purpose**: To identify users who are creating new Falcon USD supply.
- **Logic**: ERC-20 `Transfer` events are filtered for the Falcon USD contract address. Minting transactions are isolated by selecting transfers where the sender is the null address. The recipient addresses of these transfers are captured as unique users.
- **Key fields**: `to_address` (user), `from_address` (null address), `token_address`

### Component B: Falcon USD redemption identification

- **Purpose**: To identify users who are redeeming or burning Falcon USD supply.
- **Logic**: ERC-20 `Transfer` events are filtered for the Falcon USD contract address. Redemptions are isolated by selecting transfers where the recipient is either the null address or the dead address. The sender addresses of these transfers are captured as unique users.
- **Key fields**: `from_address` (user), `to_address` (null or dead address), `token_address`

### Weekly aggregation

- **Purpose**: To calculate the final weekly count of unique active addresses.
- **Logic**: User addresses identified from both minting and redemption activities are combined. A distinct count of unique addresses is performed for each 7-day rolling window. The results are aggregated per 7-day window using UTC timestamps to determine the total number of active users (weekly).
- **Key fields**: `block_timestamp`, `user_address`

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

Unique revenue-generating users over a rolling 7-day window.

Active users (weekly)

Stablecoins

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 USD (USDf) is a U.S. dollar stablecoin issued by Falcon Finance through Falcon Digital Limited.

Each token is redeemable one-for-one for U.S. dollars and is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Reserves are held in crypto assets, in accounts segregated from the issuer's own funds.

They sit with Fireblocks and Ceffu, attested quarterly by HT Digital Ltd.

Retail investors and institutions can mint and redeem directly with Falcon Finance in USDC, USDT, FDUSD, BTC, WBTC, and ETH after completing KYC, and holders have a contractual right to redeem at par.

Falcon Digital Limited is incorporated in the British Virgin Islands.

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

USDf has been issued on public blockchains since February 2025 and is native to Ethereum, BNB Chain, and XDC Network.

Falcon USDUSDf