USDf/USD price feed
USDf's order book has told its story through its shape: at reading after reading, standing offers stacked above the price have dwarfed the bids beneath it, a book tilted toward the exit. The level such a book produces is half the reading; the shape is the other half.
Aggregate on-chain rate: hourly view of the last 4 weeks. The API itself updates block by block. Request API access
Book composition · auto-observed
The lead pool carries the biggest single share at the moment, with the balance spread across pools on more than one chain.
Reading a tilted book
The asymmetry has been stark: within one percent of the mid, standing offers have run orders of magnitude past the bids. In a book shaped like that, entering the dollar is nearly frictionless; leaving it in size is where the cost sits.
A tilted book and a level just under par are the same fact seen twice: more holders positioned to leave than arrivals positioned to enter, at whichever venues the composition holds, at the moment of the reading. The feed does not read intent into that. It reports the shape, the level, the block; the reader's risk model does the judging.
Shapes like this change, sometimes quickly. That is why each reading is pinned rather than averaged: whatever this book looks like next week, the record of what it looked like today survives.
Reading a dollar below par
A fraction under one dollar is a market state, not a diagnosis. Collateral-backed dollars spend time on both sides of their mark for reasons ranging from mundane flow to genuine stress; the level alone does not say which is which.
What a measured feed adds is precision about the state itself: how far under, on what depth, at which block, trending which way across readings. Those are the inputs a desk can act on without borrowing anyone's opinion.
Identity, in one breath: this is Falcon's USDf, the overcollateralized synthetic dollar with a supply in the billions; several unrelated tokens answer to the same name, which is one more reason this page anchors its subject to addresses, not names.
Where the measuring happens
The book has spanned chains, with other dollar tokens doing the quoting, so what this feed prices is a set of stablecoin crosses. Each quote leg has a market of its own; each resolves through its own feed before the USDf level forms.
Which venues qualify shifts with the market; each pool counts at the weight it holds when the reading is taken, no venue grandfathered in, none assumed away.
Who runs on this rate
Risk desks with synthetic-dollar exposure
A synthetic dollar's book shape is the risk surface; depth per side, per venue, per block turns it into something a model can consume.
Credit desks holding USDf collateral
Liquidation math against a below-par dollar needs the unrounded level with provenance, not a chart that says one dollar.
Treasuries screening dollar flavors
A synthetic dollar in the billions class, measured independently from its own venues, next to the rest of this catalog's dollars.
Where the USDf market lives
Active USDf/USD pools per chain, as observed by the feed on 2026-10-27.
USDf in the catalog
4 pairs, each computed from its own pools with the same methodology:
Category overview: stablecoin prices → · Full catalog: coverage →