USDCvsUSDf
USD Coin vs Falcon USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDC — USD Coin
USDf — Falcon USD
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Over the last 30 days USDC supply moved -1.6% and USDf -0.3% — USDf grew faster. USDC held the tighter band: worst deviation 5 bps against 54 bps.
Key differences
- USDC is roughly 57.5× larger than USDf by USD circulation value ($72.21B vs $1.26B).
- USDC ranks #2 while USDf ranks #14 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- USDC is a fiat-backed stablecoin; USDf is crypto-backed. Different mechanism, different failure modes.
- USDC reports cash & t-bills in reserve. We do not track a published reserve breakdown for USDf.
- USDC is deployed on 154 chains — much broader coverage than USDf's 2.
Full comparison table
| Metric | USDC | USDf |
|---|---|---|
| USD circulation value | $72.21B | $1.26B |
| Rank (by USD value) | #2 | #14 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Cash & T-bills | Delta-neutral (Falcon) |
| Chains deployed | 154 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Circle | Falcon Finance |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDC and USDf?
Both track USD, so they compete for the same use cases. USDC holds cash & t-bills. We track no published reserve breakdown for USDf. USDC ranks #2 by USD value and USDf ranks #14.
Which is bigger, USDC or USDf?
USDC is larger, with $72.21B in circulation vs $1.26B for USDf. That's roughly 57.5× the size.
Is USDC safer than USDf?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. USDC uses a fiat-backed model; USDf uses a crypto-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDC and USDf?
Yes. USDC 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.
Should I choose USDC or USDf?
The right choice depends on your use case. Consider: which chain do you need? USDC is available on 154 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.