BlackRock USD vs Falcon USD — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | BUIDL | USDf |
|---|---|---|
| USD circulation value | $2.64B | $1.26B |
| Rank (by USD value) | #10 | #14 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Tokenized US Treasuries (BlackRock) | Delta-neutral (Falcon) |
| Chains deployed | 8 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | BlackRock USD | Falcon USD |
| CoinGecko | View → | View → |
Both BUIDL and USDf track USD, but they differ in backing and issuer. BUIDL is backed by tokenized us treasuries (blackrock) while USDf is backed by delta-neutral (falcon). As of today, BUIDL ranks #10 and USDf ranks #14 among tracked stablecoins.
BUIDL is larger, with $2.64B in circulation vs $1.26B for USDf. That's roughly 2.1× the size.
Neither BUIDL nor USDf is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. BUIDL uses fiat-backed backing model; USDf uses crypto-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. BUIDL and USDf both trade on major centralized and decentralized exchanges. Since both track USD, the exchange rate is typically very close to 1:1. Direct swap protocols on Ethereum, Solana, and other chains offer the tightest spreads.
The right choice depends on your use case. Consider: which chain do you need? BUIDL is available on 8 chains and USDf on 2. What backing do you prefer? What's your integration surface (exchanges, DeFi protocols, payment providers)? Both have deep liquidity, so market cap alone shouldn't decide it.