Falcon USD vs GHO — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDf | GHO |
|---|---|---|
| USD circulation value | $1.26B | $648.2M |
| Rank (by USD value) | #14 | #18 |
| Peg | USD | USD |
| Mechanism | crypto-backed | crypto-backed |
| Backing | Delta-neutral (Falcon) | Overcollateralized (Aave) |
| Chains deployed | 2 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Falcon USD | GHO |
| CoinGecko | View → | View → |
Both USDf and GHO track USD, but they differ in backing and issuer. USDf is backed by delta-neutral (falcon) while GHO is backed by overcollateralized (aave). As of today, USDf ranks #14 and GHO ranks #18 among tracked stablecoins.
USDf is larger, with $1.26B in circulation vs $648.2M for GHO. That's roughly 1.9× the size.
Neither USDf nor GHO is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDf uses crypto-backed backing model; GHO uses crypto-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USDf and GHO 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? USDf is available on 2 chains and GHO 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.