Ondo US Dollar Yield vs Falcon USD — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDY | USDf |
|---|---|---|
| USD circulation value | $2.14B | $1.26B |
| Rank (by USD value) | #11 | #14 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Tokenized US Treasuries (Ondo) | Delta-neutral (Falcon) |
| Chains deployed | 15 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Ondo US Dollar Yield | Falcon USD |
| CoinGecko | View → | View → |
Both USDY and USDf track USD, but they differ in backing and issuer. USDY is backed by tokenized us treasuries (ondo) while USDf is backed by delta-neutral (falcon). As of today, USDY ranks #11 and USDf ranks #14 among tracked stablecoins.
USDY is larger, with $2.14B in circulation vs $1.26B for USDf. That's roughly 1.7× the size.
Neither USDY nor USDf is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDY uses fiat-backed backing model; USDf uses crypto-backed. Users should read each issuer's most recent reserve attestation before choosing.
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.
The right choice depends on your use case. Consider: which chain do you need? USDY is available on 15 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.