Falcon Finance

Falcon Finance issues USDf, a synthetic dollar built on a universal-collateralization model. Users deposit a wide range of crypto and tokenized assets — stables, ETH, BTC, LSTs, and selected RWAs — into Falcon’s vaults, and the protocol mints USDf against them while running delta-neutral hedging strategies on the underlying.

The yield generated by those strategies accrues to sUSDf, the staked variant of USDf, which is the form holders use to capture the protocol’s earnings. The design overlaps with Ethena conceptually but accepts a broader collateral surface and is steered by the FF token.