XDC Stablecoin Supply Jump Traces To One Idle $50M USDf Token

The XDC stablecoin supply jump looks big on DefiLlama. The chain's total went from $60.6 million on November 6 to $110.5 million on November 7, a one-day step of $49.9 million.

One token explains all of it. Falcon USD, or USDf, sits at 49.78 million on DefiLlama's XDC page, and a week earlier the same page listed none.

DefiLlama's XDC stablecoin page showed $110.7 million on November 8, up 81.96% over seven days. Source: DefiLlama stablecoins, XDC.

XDC stablecoin supply by token

Take USDC out and the rest of the picture is quiet. The page shows USDC at $59.99 million, with 54.19% dominance. DefiLlama's own data put USDC at about $60.04 million a week earlier, so it barely moved. DefiLlama lists Tether and Fathom Dollar at under $1 million each.

That means the 30-day XDC stablecoin supply gain of 103% and the weekly gain of 82% come from one new line in a table. Daily change on the page reads +0.05%, because the step happened a day earlier.

New money entering a chain would usually show up as mints and transfers. So the next question is whether USDf was minted that week at all.

What the USDf contract shows

The token page on XDCScan lists a maximum total supply of 50,000,010.10 USDf. The same page shows only four holders and 32 transfers in total. The newest transfer moved 1.00677 USDf and is dated 60 days ago. The one before it moved 1.00342 and is 156 days old.

A third row shows a 0.1 USDf mint from the null address 222 days ago, so the token has existed since at least then. A fresh $50 million mint would sit at the top of that list. It does not. The supply is a stock that has been there for a while, and the page gives no sign of it moving this week.

I could not establish from public pages when DefiLlama began counting USDf on XDC. What the two pages establish is narrower. The jump in the XDC series is a change in what gets counted. It is not a record of $50 million arriving.

XDCScan's page for the Falcon USD token on XDC. Source: XDCScan, USDf token.

Why the XDC stablecoin supply number needs care

The same page values the token on XDC at about $49.8 million, with USDf priced near $0.9956. It also lists a circulating-supply market cap of about $1.82 billion for USDf as a whole. The XDC copy is a small slice of that.

For anyone judging XDC stablecoin supply by depth, activity tells more than the headline. A chart with a doubled total says nothing about how many people hold or move the coins. Four holders is a thin base for $50 million.

Earlier in the DefiLlama chart, XDC stablecoins peaked above $200 million around the turn of the year before settling. It then stayed in a band of roughly $55 million to $85 million. That band is where most of 2026 has lived. Quoting the $110 million figure without the breakdown would mislead.

DefiLlama could revise the USDf line, and then the chart would move again. Look at the table beneath the chart before quoting the total. One row can change the story.