Falcon Finance (FF)

Falcon Finance is the collateralization protocol behind USDf, an overcollateralized synthetic dollar backed by crypto and tokenized real-world assets, with FF serving as its governance and utility token rather than the stablecoin itself — the same separation as Ethena's ENA sits apart from USDe. FF has rallied hard over the past quarter, and that move accelerated in late September 2026 after Anchorage Digital named LayerZero as its interoperability layer for regulated bank-issued stablecoins and listed Falcon's newer fUSD among the assets set to gain cross-chain reach.