USDf from Falcon Finance: $1.6bn synthetic dollar backed almost only by Bitcoin

USDf is a synthetic dollar from the Falcon Finance project: a token meant to be worth one US dollar but backed not by bank deposits but by deposited crypto assets, above all Bitcoin. Anyone who creates USDf deposits stablecoins or other coins as collateral and receives new tokens in return. That makes USDf fundamentally different from Tether or USDC, which are backed by cash and government bonds. With a supply of roughly $1.56 billion to $1.72 billion, depending on the data source, USDf is among the larger crypto dollars in November 2026, and on Friday the token traded at around…