Falcon Finance just hit a major milestone that’s turning heads across Ethereum DeFi.

Data analytics platform Token Terminal shared that the outstanding supply of @FalconStable’s USDf has officially surpassed $2 billion – a roughly 300% increase since July 2025.

For context, that’s real circulating supply (not market cap trickery) of an overcollateralized synthetic dollar that launched earlier this year and has quickly climbed into the top tier of Ethereum-native stablecoins.

Quick refresher on USDf

USDf is Falcon Finance’s flagship token – a fully on-chain, overcollateralized synthetic dollar you mint by depositing anything from USDC to ETH, BTC, or even tokenized RWAs. Instead of fiat reserves sitting in a bank, every USDf is backed by more than 100% crypto collateral plus dynamic risk controls.

Once you hold USDf, you can stake it into vaults to receive sUSDf, a yield-bearing version that captures returns from institutional-grade, market-neutral strategies (think basis trades, delta-neutral plays, and more – all transparently on-chain).

Why this matters – especially for meme traders

When meme season kicks into high gear, you need deep, reliable stablecoin liquidity that doesn’t force you to sell your bags or deal with off-ramp delays. USDf has become one of the go-to bridges on Ethereum for exactly that: mint stable liquidity against your alts, park it for yield while you rotate, or use it as clean collateral across the ecosystem.

Hitting $2 billion outstanding supply in under a year (with a big chunk of that growth post-summer recovery) shows institutions and degens alike are voting with their collateral.

You can check the original post from Token Terminal here and follow Falcon’s updates at @FalconStable or on their site at falcon.finance.

Another sign that yield-bearing, crypto-native stables are eating traditional stablecoin market share – and Ethereum remains the battlefield where it’s all playing out.