USDGvsUSDf
Global Dollar vs Falcon USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDG — Global Dollar
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 USDG supply moved +17.6% and USDf -0.3% — USDG grew faster. USDG held the tighter band: worst deviation 33 bps against 54 bps.
Key differences
- USDG is roughly 2.7× larger than USDf by USD circulation value ($3.42B vs $1.26B).
- USDG ranks #7 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.
- USDG is a fiat-backed stablecoin; USDf is crypto-backed. Different mechanism, different failure modes.
- USDG reports cash reserves (paxos) in reserve. We do not track a published reserve breakdown for USDf.
- USDG is deployed on 6 chains — much broader coverage than USDf's 2.
- Primary chain differs — most USDG supply lives on X Layer, while most USDf supply is on Ethereum.
Full comparison table
| Metric | USDG | USDf |
|---|---|---|
| USD circulation value | $3.42B | $1.26B |
| Rank (by USD value) | #7 | #14 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Cash reserves (Paxos) | Delta-neutral (Falcon) |
| Chains deployed | 6 | 2 |
| Primary chain | X Layer | Ethereum |
| Issuer | Paxos Trust Company | Falcon Finance |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDG and USDf?
Both track USD, so they compete for the same use cases. USDG holds cash reserves (paxos). We track no published reserve breakdown for USDf. USDG ranks #7 by USD value and USDf ranks #14.
Which is bigger, USDG or USDf?
USDG is larger, with $3.42B in circulation vs $1.26B for USDf. That's roughly 2.7× the size.
Is USDG 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. USDG 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 USDG and USDf?
Yes. USDG 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 USDG or USDf?
The right choice depends on your use case. Consider: which chain do you need? USDG is available on 6 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.