OUSD vs USDF
Open USD and Falcon USD, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and OUSD/USDF spread
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Open USD is a dollar-denominated token tracked across 4 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Adequate
Overcollateralised synthetic dollar accepting a broad basket of crypto and tokenised assets as collateral.
Verdict band: Caution
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 60 | 50 | OUSD |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 65 | USDF |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $36.07M | $17.79M | OUSD |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 54 | USDF |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −0.130% | −0.527% | OUSD |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | None recorded | Tie |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 53 | Tie |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $802.46M | $1.72B | USDF |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 4 chains | 2 chains | OUSD |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 5.96% | 0.00% | OUSD |
"Matters" is our weighting of how much each dimension typically drives a real allocation decision. Sort any column to re-rank the tradeoffs by what matters to you.
The short answer
OUSD scores higher on safety (60 vs 50), driven mainly by peg stability and track record. OUSD has deeper tracked liquidity ($36.07M), which is what determines whether you can exit at size. OUSD currently earns up to 5.96% — remember that any rate above the T-bill yield is payment for a risk.
If both are fiat-reserve tokens, note that holding both is not diversification: they share the same short-dated Treasury and banking exposure. Genuine diversification means mixing collateral structures.
Which one fits your goal: OUSD or USDF?
Capital preservation over everything else.
For park cash safely, OUSD is the better fit over USDF.
- Safety score 60 vs 50, with collateral rated 55/100.
- Current peg deviation -0.130% against -0.527% for USDF.
- No material depeg recorded for OUSD in our incident log.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
OUSD
- Issuer and banking risk: reserves sit with Undisclosed under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
- Yield venue risk: 5.96% is earned outside the token itself.
USDF
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Yield venue risk: 0.00% is earned outside the token itself.
- Chain concentration: 93% of supply sits on Ethereum.
| Metric | OUSD | USDF |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Undisclosed | Falcon Finance |
| Jurisdiction | Not documented | Offshore |
| Collateral | fiat-backed | mixed |
| Peg mechanism | fiat-backed | crypto-backed |
| Attestation | none | monthly |
| Redemption | market-only | gated |
| Price | $0.9987 | $0.9947 |
| Peg deviation | −0.130% | −0.527% |
| Market cap | $802.46M | $1.72B |
| 7d supply change | +11.34% | +3.93% |
| Liquidity | $36.07M | $17.79M |
| Best yield | 5.96% (origin-dollar · Ethereum) | 0.00% (more-markets · Flow) |
| Chains | 4 | 2 |
| Launched | — | 2025 |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (OUSD vs USDF)
- +39.8 bps
- $0.9987 vs $0.9947
- Peg deviation gap
- -0.396 pp
- OUSD −0.130% · USDF −0.527%
- Yield spread
- +5.95%
- OUSD 5.96% · USDF 0.00%
- Liquidity ratio
- 2.03×
- $36.07M vs $17.79M
A round trip between OUSD and USDF costs roughly the market spread plus venue fees. At 39.8 bps of price gap, swapping $1M implies about $4.0K of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Historical context
Track record is the part of a stablecoin you cannot model — it has to be observed. Here is how OUSD and USDF have actually behaved since launch, including every stress event we have on record.
- USDF
Falcon USD goes live.
Chain coverage
OUSD is live on 4 chains, USDF on 2. 1 chains carry both, so bridging is only unavoidable for the 4 networks where just one of them is deployed.
| Chain | OUSD | USDF | Both available |
|---|---|---|---|
| $124.62M | $1.60B | Yes | |
| $510.65M | — | OUSD only | |
| — | $113.84M | USDF only | |
| $90.84M | — | OUSD only | |
| $76.35M | — | OUSD only |
OUSD vs USDF: frequently asked questions
Is OUSD or USDF safer?
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On our composite safety score OUSD rates 60/100 versus 50/100 for USDF. The score weighs collateral quality (fiat-backed vs mixed), redemption rights, attestation quality, peg history and liquidity depth. A higher score is not a guarantee: both remain issuer-credit and smart-contract exposures, not insured bank deposits.
What is the difference between OUSD and USDF?
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Open USD is issued by Undisclosed (Not documented), backed by fiat-backed, with redemption terms: market-only. Falcon USD is issued by Falcon Finance (Offshore), backed by mixed, with redemption terms: gated. Attestation coverage is "none" for OUSD and "monthly" for USDF.
Which has the bigger market cap, OUSD or USDF?
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USDF is larger at $1.72B in circulating supply, against $802.46M for the other. Over the last 7 days supply moved +11.34% for OUSD and +3.93% for USDF.
Are OUSD and USDF trading at $1.00 right now?
+
OUSD trades at $0.9987 (−0.130% off peg) and USDF at $0.9947 (−0.527% off peg). The gap between the two is about 39.8 basis points, which is the cost you pay when rotating size between them before fees.
Has OUSD or USDF ever depegged?
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OUSD: no material depeg recorded in our incident set. USDF: no material depeg recorded in our incident set. Past peg behaviour under stress is the single best available proxy for how a token trades in the next crisis.
Which is better for large institutional size, OUSD or USDF?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. OUSD shows deeper on-chain liquidity at $36.07M versus $17.79M. Combine that with the redemption channel — OUSD: market-only; USDF: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on OUSD or USDF?
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OUSD currently shows the higher rate at 5.96% via origin-dollar · Ethereum, against 0.00% via more-markets · Flow for USDF. Neither token pays interest by holding it in a wallet: the yield comes from lending, liquidity provision or a wrapped yield-bearing version, each with its own counterparty and contract risk.
Which chains support both OUSD and USDF?
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Both are deployed on 1 shared network, including Ethereum. OUSD spans 4 chains in total and USDF spans 2. Bridged supply on a chain is not the same as natively issued supply, and it usually carries the bridge's risk rather than the issuer's.
What does it cost to switch from OUSD to USDF?
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Budget three components: the current price spread of roughly 39.8 bps, swap or venue fees, and slippage against available depth ($36.07M for OUSD, $17.79M for USDF). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is OUSD or USDF regulated?
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OUSD is issued from Not documented with none; USDF is issued from Offshore with monthly. Regulatory status varies by your own jurisdiction and by whether the token is offered under a specific stablecoin regime, so treat this as a starting point for diligence, not legal advice.