Falcon Finance announced the deployment of USDf, its $2.1 billion multi-asset synthetic dollar, on Coinbase-backed Layer 2 network Base, introducing a new “universal collateral” asset.
The integration allows users to bridge USDf from Ethereum to Base and access some of the most competitive yields among major yield-bearing stable assets, as onchain activity across the network reaches record levels.
The launch comes as Base continues to consolidate its position as a core hub for decentralized finance and onchain payments, with infrastructure increasingly designed to support both crypto-native and mainstream financial use cases.
Base Activity Surges Following Fusaka Upgrade
The deployment coincides with a pivotal month for Base following the activation of Ethereum’s Fusaka hard fork, which expanded Layer 2 capacity by approximately eight times.
Since the upgrade, Base said it has recorded a sharp rise in network performance, with monthly transactions surpassing an all-time high of more than 452 million.
Lower transaction fees and expanded gas limits have improved the economics of onchain activity, enabling more complex DeFi strategies and high-frequency use cases such as micropayments.
The improved scalability has also strengthened Base’s appeal to developers and institutions seeking reliable, cost-efficient settlement infrastructure.
A Multi-Asset Approach to Stable Value
Unlike traditional fiat-backed stablecoins, USDf is overcollateralized by a diversified basket of assets that includes crypto blue chips such as Bitcoin, Ethereum and Solana, alongside tokenized U.S. Treasuries, sovereign bonds, equities and gold.
This structure brings more than $2.3 billion in reserves onchain, positioning USDf among the top ten stable assets by backing and making it a distinct addition to Base’s liquidity layer.
Falcon Finance has also been expanding USDf beyond purely crypto-based collateral. Most recently, the protocol added tokenized Mexican sovereign bills (CETES), introducing emerging-market sovereign yield into its onchain reserve mix.
Yield Mechanics and DeFi Integration
The integration introduces new yield opportunities for Base users through Falcon’s yield-bearing token, sUSDf. Since launch, sUSDf has distributed more than $19.1 million in cumulative yield, including nearly $1 million over the past 30 days.
Returns are generated through diversified strategies such as funding rate arbitrage, cross-exchange price arbitrage, options-based strategies and native altcoin staking.
“Expanding USDf to Base is part of a larger shift we’re seeing across onchain markets,” said Fiona Ma, VP of Growth at Falcon Finance. “Stable assets need to be more flexible, more composable, and available across the networks where people are actually building. Base is one of those places.”
Base users can now bridge USDf, stake for yield, provide liquidity on platforms such as Aerodrome, and tap into the network’s expanding DeFi stack.
For Base, the arrival of a multi-asset-backed synthetic dollar adds another core financial primitive as the network increasingly positions itself as a settlement layer for both decentralized and traditional finance rails.
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