USDF, issued by the Flow Foundation, is a U.S. dollar-pegged stablecoin native to the Flow network that maintains a 1:1 peg and is backed 1:1 by PayPal USD (PYUSD), the stablecoin issued by PayPal. [S1][S2]

Holders receive a token tracking the U.S. dollar (USD) at par, with each USDF backed 1:1 by PayPal USD (PYUSD), which PayPal issues. [S1][S2] USDF holds par value rather than accruing yield, and the Flow Foundation publishes no rebasing, NAV accrual, or distribution mechanics for it. [S1] USDF is being deprecated, and holders may convert balances 1:1 onchain to PYUSD0, the canonical successor stablecoin. [S2][S3]

USDF reaches the Flow network via LayerZero, the omnichain interoperability protocol, with transfers facilitated by Stargate Finance. [S1][S4] The Flow Foundation states that Flow itself is not a stablecoin issuer and that external issuers retain issuer responsibilities, including backing reserves and regulatory compliance; for USDF the underlying PYUSD is issued by PayPal. [S1][S4] Onchain, the Flow Foundation documents a single conversion right by which USDF converts 1:1 to PYUSD0 as part of Flow's canonical stablecoin upgrade. [S3] Centralization risk is noted, as centralized issuers can freeze assets, alongside bridge risk inherent to cross-chain transfers. [S1]

USDF follows a LayerZero-based cross-chain model, with availability supplied through LayerZero and Stargate Finance across supported public networks including Ethereum, Base, Arbitrum One, and BNB Chain, made available on the Flow network. [S1][S4] USDF converts 1:1 onchain to PYUSD0, an ERC-20 plus LayerZero OFT token with 6 decimals. [S3]

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://developers.flow.com/defi/faq" },
    { id: "S2", url: "https://flow.com/post/stablecoins-on-flow-complete-guide" },
    { id: "S3", url: "https://developers.flow.com/defi/pyusd0-integration-guide" },
    { id: "S4", url: "https://developers.flow.com/defi/faq?format=md" },
  ]}
/>


# 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

Stablecoins

Validators process transactions and receive fees from users (supply-side fees).

Flow is a smart contract platform for decentralized applications (a blockchain). Flow was founded by Roham Gharegozlou, Dieter Shirley and Mikhael Naayem and launched in 2019.

FLOW holders own and govern the protocol. They currently don’t take a cut of the total transaction fees paid by users (revenue). Flow’s investors include a16z, Coatue, Coinfund, Fabric Ventures, etc.

USD FlowUSDF