Falcon USDf Supply Jumps 37% As Six Wallets Take $431M

The Falcon USDf supply rose from about $1.21 billion on October 1 to $1.66 billion on October 8, a 37% jump in a week. The Ethereum contract shows where it came from. Twenty-two mint events added $448.8 million, and six wallets took $431 million of it.

Blockscout's holder table for USDf, ranked by balance on October 8.

What the Falcon USDf supply logs show

Before October the series barely moved. DefiLlama has it near $1.18 billion through mid-September and $1.21 billion from September 19 to October 1.

Mint events start at 11:54 UTC on October 1 with a single $102.1 million mint. Twelve more landed between October 2 and October 4, the biggest at $81.8 million. After that the contract only logged small mints. All 22 transactions share one sender, an address starting 0x57dd83, and all call the same contract starting 0x3a4f41.

That pattern fits Falcon's own documentation, which says user deposits are routed to third-party custodians and USDf is minted in return. A mint like this is an operator action after a deposit, not a swap on a public pool. Falcon describes USDf as an overcollateralized synthetic dollar, minted against stablecoins, bitcoin, ether and selected altcoins. What collateral came in for these 22 mints is not visible on Ethereum.

Falcon's deposit documentation, the general flow of user deposits.

Six wallets, one pattern

Those six recipients are plain wallets, not contracts. One wallet took $130.1 million. Another took only $28.3 million. Between them sit four more, each holding somewhere from $35 million to $102 million. Every one still holds exactly what it was minted, so none has sold, redeemed or moved the coins.

None has staked either. The main sUSDf vault holds only about $58.8 million of assets, roughly 3.5% of total USDf. Falcon's docs say redemptions carry a seven-day cooldown, and the contract logged no burns to the zero address over the same week.

Who else holds USDf

Blockscout's holder table adds context. It labels the top holder, at 187.4 million or 11.27%, as a Bitfinex hot wallet. A bridge pool, the LockReleaseTokenPool, holds 165.3 million or 9.94%, which is coin parked for other chains. That bridge figure means the contract total of $1.66 billion overstates what is loose on Ethereum itself.

Neither of those balances grew in the last week. The new money sits with the six unlabeled wallets, and this report does not say who runs them. Blockscout's labels can change, so treat the Bitfinex tag as of October 8.

Rank, price and trading

On DefiLlama's list USDf now ranks 13th among dollar stablecoins, ahead of USDD and U. DefiLlama attributes about $114 million of the supply to BNB Chain and the rest to Ethereum. Everything described here comes from the Ethereum contract. CoinGecko puts USDf at $0.9955 with about $388,000 of 24-hour volume. A coin at that price and volume can add $449 million of supply without anyone trading it.

The Falcon USDf supply figure measures what was minted, and mints say little about demand from outside the minting wallets.

Supply figures come from contract reads, event logs and DefiLlama as of October 8, with prices from CoinGecko. This is a snapshot, and it makes no claim about Falcon's reserves or about what happens next.