USDF vs USDG
Falcon USD and Global Dollar, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and USDF/USDG spread
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Overcollateralised synthetic dollar accepting a broad basket of crypto and tokenised assets as collateral.
Verdict band: Caution
The Global Dollar, issued under the MAS stablecoin framework and distributed through the Global Dollar Network.
Verdict band: Robust
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 59 | 92 | USDG |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 65 | 95 | USDG |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $84.37M | $428.06M | USDG |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 54 | 100 | USDG |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −0.394% | +0.013% | USDG |
| 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 | 61 | USDG |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $1.17B | $3.41B | USDG |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 2 chains | 6 chains | USDG |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 0.00% | 8.18% | USDG |
"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
USDG scores higher on safety (92 vs 59), driven mainly by collateral quality and disclosure. USDG has deeper tracked liquidity ($428.06M), which is what determines whether you can exit at size. USDG currently earns up to 8.18% — 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: USDF or USDG?
Capital preservation over everything else.
For park cash safely, USDG is the better fit over USDF.
- Safety score 92 vs 59, with collateral rated 95/100.
- Current peg deviation 0.013% against -0.394% for USDF.
- No material depeg recorded for USDG 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
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: 90% of supply sits on Ethereum.
USDG
- Issuer and banking risk: reserves sit with Paxos Digital Singapore under Singapore (MAS) rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Yield venue risk: 8.18% is earned outside the token itself.
| Metric | USDF | USDG |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Falcon Finance | Paxos Digital Singapore |
| Jurisdiction | Offshore | Singapore (MAS) |
| Collateral | mixed | treasuries |
| Peg mechanism | crypto-backed | fiat-backed |
| Attestation | monthly | monthly |
| Redemption | gated | direct |
| Price | $0.9961 | $1.0001 |
| Peg deviation | −0.394% | +0.013% |
| Market cap | $1.17B | $3.41B |
| 7d supply change | +0.03% | −0.22% |
| Liquidity | $84.37M | $428.06M |
| Best yield | 0.00% (more-markets · Flow) | 8.18% (kamino-lend · Solana) |
| Chains | 2 | 6 |
| Launched | 2025 | 2024 |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (USDF vs USDG)
- -40.7 bps
- $0.9961 vs $1.0001
- Peg deviation gap
- 0.381 pp
- USDF −0.394% · USDG +0.013%
- Yield spread
- -8.18%
- USDF 0.00% · USDG 8.18%
- Liquidity ratio
- 0.20×
- $84.37M vs $428.06M
A round trip between USDF and USDG costs roughly the market spread plus venue fees. At 40.7 bps of price gap, swapping $1M implies about $4.1K 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 USDF and USDG have actually behaved since launch, including every stress event we have on record.
- USDG
Global Dollar goes live.
- USDF
Falcon USD goes live.
Chain coverage
USDF is live on 2 chains, USDG on 6. 1 chains carry both, so bridging is only unavoidable for the 6 networks where just one of them is deployed.
| Chain | USDF | USDG | Both available |
|---|---|---|---|
| — | $1.96B | USDG only | |
| $1.06B | $370.60M | Yes | |
| — | $633.80M | USDG only | |
| — | $375.88M | USDG only | |
| $114.01M | — | USDF only | |
| — | $63.16M | USDG only | |
| — | $1.70M | USDG only |
USDF vs USDG: frequently asked questions
Is USDF or USDG safer?
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On our composite safety score USDG rates 92/100 versus 59/100 for USDF. The score weighs collateral quality (treasuries 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 USDF and USDG?
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Falcon USD is issued by Falcon Finance (Offshore), backed by mixed, with redemption terms: gated. Global Dollar is issued by Paxos Digital Singapore (Singapore (MAS)), backed by treasuries, with redemption terms: direct. Attestation coverage is "monthly" for USDF and "monthly" for USDG.
Which has the bigger market cap, USDF or USDG?
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USDG is larger at $3.41B in circulating supply, against $1.17B for the other. Over the last 7 days supply moved +0.03% for USDF and −0.22% for USDG.
Are USDF and USDG trading at $1.00 right now?
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USDF trades at $0.9961 (−0.394% off peg) and USDG at $1.0001 (+0.013% off peg). The gap between the two is about 40.7 basis points, which is the cost you pay when rotating size between them before fees.
Has USDF or USDG ever depegged?
+
USDF: no material depeg recorded in our incident set. USDG: 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, USDF or USDG?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. USDG shows deeper on-chain liquidity at $428.06M versus $84.37M. Combine that with the redemption channel — USDF: gated; USDG: direct — and size trades against the primary window rather than the order book where possible.
Can I earn yield on USDF or USDG?
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USDG currently shows the higher rate at 8.18% via kamino-lend · Solana, 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 USDF and USDG?
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Both are deployed on 1 shared network, including Ethereum. USDF spans 2 chains in total and USDG spans 6. 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 USDF to USDG?
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Budget three components: the current price spread of roughly 40.7 bps, swap or venue fees, and slippage against available depth ($84.37M for USDF, $428.06M for USDG). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is USDF or USDG regulated?
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USDF is issued from Offshore with monthly; USDG is issued from Singapore (MAS) 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.