Falcon's USDf shrank $104 million in a day, its biggest one-day drop since at least May
The synthetic dollar lost 5.7% of its market value in 24 hours as bitcoin slid, CoinGecko data show. It still trades just under $1, as it has for months.
Key points
- Falcon USD (USDf) fell to a market value of $1.72 billion at 6:57 a.m. ET on November 14, 2026, down $103.9 million or 5.7% in 24 hours, CoinGecko data show.
- In CoinGecko's daily data since May 19, 2026, no day had a bigger drop. USDf is now $163 million, or 8.7%, below its October 29 peak of $1.88 billion.
- USDf traded at $0.9945. It has been below $0.996 on 105 of 181 daily readings since May, with a low of $0.9912 on October 31.
What moved
USDf is the dollar token of Falcon Finance. Its CoinGecko listing describes it as a synthetic dollar built to earn yield. At 6:57 a.m. ET on November 14, 2026, CoinGecko put its market value at $1.720 billion, down $103.9 million (5.7%) in 24 hours. For a stablecoin that sits near $1, a drop in market value means tokens were taken out of circulation, usually because holders redeemed them.
CoinGecko's daily readings show the drop landed in the day to 7 p.m. ET on November 13: from $1.824 billion to $1.721 billion. That is the largest one-day fall in its data since May 19, 2026, ahead of an $82.5 million drop on August 11. Bitcoin traded near $67,113, down 2.9% in a day.
USDf market value, CoinGecko daily readings
US$ million
Source: CoinGecko API, read November 14, 2026, 6:56 a.m. ET
The price and where the supply sits
USDf traded at $0.9945, between $0.9934 and $0.9954 over 24 hours. That gap below $1 is not new: CoinGecko's daily data show it under $0.996 on 105 of 181 days since May, first on May 28, with a low of $0.9912 on October 31. Its 24-hour trading volume on CoinGecko was only about $606,000, so its quoted price rests on thin trading.
DefiLlama counts $1.669 billion in circulation, a little below CoinGecko, with $1.504 billion on Ethereum and the rest on other chains through Chainlink's bridge. We found no statement from Falcon on why supply fell.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the size of the outflow matters more than the price: a 5.7% cut in one day is fast for a dollar token, even if the price barely moved.
- When markets fall quickly, some holders pull money out of yield products. The data fit that pattern, but Falcon has not confirmed the reason.
- USDf has traded a little under $1 for months, so a holder who needs exactly $1 back depends on redeeming through Falcon, not on selling on the market.
What's next
- Whether USDf's market value keeps falling below $1.72 billion.
- Any statement from Falcon Finance on redemptions.
- USDf's price against its October 31 low of $0.9912.
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
Sources
- CoinGecko API, stablecoin market values and 24-hour changes (read November 14, 2026, 6:57 a.m. ET)
- CoinGecko API, USDf daily price and market value, 180 days (read November 14, 2026, 6:56 a.m. ET)
- DefiLlama, Falcon USD supply by chain (read November 14, 2026, 6:58 a.m. ET)
- Falcon Finance, official site
- CoinGecko, Falcon USD price page
