USDYvsUSDf
Ondo US Dollar Yield vs Falcon USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDY — Ondo US Dollar Yield
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 USDY supply moved +2.8% and USDf +0.2% — USDY grew faster. USDf held the tighter band: worst deviation 45 bps against 1462 bps.
Key differences
- USDY is roughly 1.8× larger than USDf by USD circulation value ($2.21B vs $1.21B).
- USDY ranks #12 while USDf ranks #16 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- USDY is a fiat-backed stablecoin; USDf is crypto-backed. Different mechanism, different failure modes.
- USDY reports tokenized us treasuries (ondo) in reserve. We do not track a published reserve breakdown for USDf.
- USDY is deployed on 16 chains — much broader coverage than USDf's 2.
Full comparison table
| Metric | USDY | USDf |
|---|---|---|
| USD circulation value | $2.21B | $1.21B |
| Rank (by USD value) | #12 | #16 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Tokenized US Treasuries (Ondo) | Delta-neutral (Falcon) |
| Chains deployed | 16 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Ondo Finance | Falcon Finance |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDY and USDf?
Both track USD, so they compete for the same use cases. USDY holds tokenized us treasuries (ondo). We track no published reserve breakdown for USDf. USDY ranks #12 by USD value and USDf ranks #16.
Which is bigger, USDY or USDf?
USDY is larger, with $2.21B in circulation vs $1.21B for USDf. That's roughly 1.8× the size.
Is USDY 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. USDY 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 USDY and USDf?
Yes. USDY 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 USDY or USDf?
The right choice depends on your use case. Consider: which chain do you need? USDY is available on 16 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.