USDF vs USYC
Falcon USD and Circle USYC, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and USDF/USYC spread
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Overcollateralised synthetic dollar accepting a broad basket of crypto and tokenised assets as collateral.
Verdict band: Caution
Circle USYC is a dollar-denominated token tracked across 2 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Adequate
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 59 | 74 | USYC |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 65 | 55 | USDF |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $84.37M | $2.98B | USYC |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 54 | 48 | USDF |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −0.394% | 0.000% | USYC |
| 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 | $1.17B | $2.98B | USYC |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 2 chains | 2 chains | Tie |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 0.00% | 3.38% | USYC |
"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
USYC scores higher on safety (74 vs 59), driven mainly by peg stability and track record. USYC has deeper tracked liquidity ($2.98B), which is what determines whether you can exit at size. USYC currently earns up to 3.38% — 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 USYC?
Capital preservation over everything else.
For park cash safely, USYC is the better fit over USDF.
- Safety score 74 vs 59, with collateral rated 55/100.
- Current peg deviation 0.000% against -0.394% for USDF.
- No material depeg recorded for USYC 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.
USYC
- 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: 3.38% is earned outside the token itself.
- Chain concentration: 98% of supply sits on BSC.
| Metric | USDF | USYC |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Falcon Finance | Undisclosed |
| Jurisdiction | Offshore | Not documented |
| Collateral | mixed | fiat-backed |
| Peg mechanism | crypto-backed | fiat-backed |
| Attestation | monthly | none |
| Redemption | gated | market-only |
| Price | $0.9961 | $1.1344 |
| Peg deviation | −0.394% | 0.000% |
| Market cap | $1.17B | $2.98B |
| 7d supply change | +0.03% | −0.87% |
| Liquidity | $84.37M | $2.98B |
| Best yield | 0.00% (more-markets · Flow) | 3.38% (circle-usyc · BSC) |
| Chains | 2 | 2 |
| Launched | 2025 | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (USDF vs USYC)
- -1219.8 bps
- $0.9961 vs $1.1344
- Peg deviation gap
- 0.394 pp
- USDF −0.394% · USYC 0.000%
- Yield spread
- -3.38%
- USDF 0.00% · USYC 3.38%
- Liquidity ratio
- 0.03×
- $84.37M vs $2.98B
A round trip between USDF and USYC costs roughly the market spread plus venue fees. At 1219.8 bps of price gap, swapping $1M implies about $122.0K 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 USDF and USYC have actually behaved since launch, including every stress event we have on record.
- USDF
Falcon USD goes live.
Chain coverage
USDF is live on 2 chains, USYC on 2. 2 chains carry both, so bridging is only unavoidable for the 0 networks where just one of them is deployed.
| Chain | USDF | USYC | Both available |
|---|---|---|---|
| $114.01M | $2.91B | Yes | |
| $1.06B | $72.71M | Yes |
USDF vs USYC: frequently asked questions
Is USDF or USYC safer?
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On our composite safety score USYC rates 74/100 versus 59/100 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 USDF and USYC?
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Falcon USD is issued by Falcon Finance (Offshore), backed by mixed, with redemption terms: gated. Circle USYC is issued by Undisclosed (Not documented), backed by fiat-backed, with redemption terms: market-only. Attestation coverage is "monthly" for USDF and "none" for USYC.
Which has the bigger market cap, USDF or USYC?
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USYC is larger at $2.98B in circulating supply, against $1.17B for the other. Over the last 7 days supply moved +0.03% for USDF and −0.87% for USYC.
Are USDF and USYC trading at $1.00 right now?
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USDF trades at $0.9961 (−0.394% off peg) and USYC at $1.1344 (0.000% off peg). The gap between the two is about 1219.8 basis points, which is the cost you pay when rotating size between them before fees.
Has USDF or USYC ever depegged?
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USDF: no material depeg recorded in our incident set. USYC: 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 USYC?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. USYC shows deeper on-chain liquidity at $2.98B versus $84.37M. Combine that with the redemption channel — USDF: gated; USYC: market-only — and size trades against the primary window rather than the order book where possible.
Can I earn yield on USDF or USYC?
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USYC currently shows the higher rate at 3.38% via circle-usyc · BSC, 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 USYC?
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Both are deployed on 2 shared networks, including Ethereum, BSC. USDF spans 2 chains in total and USYC 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 USDF to USYC?
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Budget three components: the current price spread of roughly 1219.8 bps, swap or venue fees, and slippage against available depth ($84.37M for USDF, $2.98B for USYC). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is USDF or USYC regulated?
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USDF is issued from Offshore with monthly; USYC is issued from Not documented with none. 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.