USDfvsUSDTB
Falcon USD vs Ethena USDtb — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDf — Falcon USD
USDTB — Ethena USDtb
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Over the last 30 days USDf supply moved +0.2% and USDTB +30.6% — USDTB grew faster. USDTB held the tighter band: worst deviation 7 bps against 45 bps.
Key differences
- USDf is roughly 2.3× larger than USDTB by USD circulation value ($1.21B vs $527.4M).
- USDf ranks #16 while USDTB ranks #20 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- USDf is a crypto-backed stablecoin; USDTB is fiat-backed. Different mechanism, different failure modes.
- USDTB reports tokenized us treasuries (ethena) in reserve. We do not track a published reserve breakdown for USDf.
- Chain coverage is comparable: USDf on 2 chains, USDTB on 2.
Full comparison table
| Metric | USDf | USDTB |
|---|---|---|
| USD circulation value | $1.21B | $527.4M |
| Rank (by USD value) | #16 | #20 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Delta-neutral (Falcon) | Tokenized US Treasuries (Ethena) |
| Chains deployed | 2 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Falcon Finance | Ethena Labs |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDf and USDTB?
Both track USD, so they compete for the same use cases. USDTB holds tokenized us treasuries (ethena). We track no published reserve breakdown for USDf. USDf ranks #16 by USD value and USDTB ranks #20.
Which is bigger, USDf or USDTB?
USDf is larger, with $1.21B in circulation vs $527.4M for USDTB. That's roughly 2.3× the size.
Is USDf safer than USDTB?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. USDf uses a crypto-backed model; USDTB uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDf and USDTB?
Yes. USDf and USDTB 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 USDf or USDTB?
The right choice depends on your use case. Consider: which chain do you need? USDf is available on 2 chains and USDTB 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.