Falcon Finance’s USDf added $64.6 million in market cap during the week ending October 19, 2026. That was the biggest gain of any stablecoin issuer on the weekly leaderboard.
The more pointed detail is what it beat. USDf’s weekly haul topped the combined growth of Open Standard and United Stables, two issuers that would each count as a respectable week on their own.
The weekly scoreboard
Open Standard’s OUSD grew by $36.1 million over the same stretch. United Stables added $23.3 million.
Stack those two together and they still fall short of Falcon’s number. SoFi also made the list, growing by $21.3 million, which put it behind Falcon as well.
By that measure, USDf had a strong month. Its circulating supply sat between approximately $1.72 billion and $1.83 billion as of mid-to-late October 2026, depending on the dataset.
Some trackers clocked its 30-day growth at more than 38%, with one figure reaching as high as +38.6%.
The weekly jump was not even Falcon’s biggest recent move. In early October 2026, USDf posted a single-day increase of +$74.4 million, more than its entire gain for the week ending October 19.
How USDf works, and who is behind it
Falcon can mint USDf against other stablecoins, volatile crypto assets, and real-world assets, often shortened to RWAs.
Falcon also offers sUSDf, a yield-bearing version of the stablecoin, for holders who want their dollars to earn something while they sit.
Falcon launched in early 2025 and reached top-15 status by market cap within months. It has strategic support from DWF Labs, the crypto market maker and investment firm.
One of its more unusual moves involves sovereign-linked collateral. Falcon has integrated KGST, a stablecoin backed by the government of Kyrgyzstan, as an accepted form of collateral.
The new arrival with famous friends
Open Standard, which finished second on the weekly list, has a very different origin story. Its OUSD stablecoin launched on September 30, 2026, across several blockchains.
The backer list reads like a payments industry group photo. Coinbase, Mastercard, Stripe, and Visa collectively committed over $1 billion in liquidity to the project.
OUSD is built as a consortium rather than a single-issuer product. Its shared-economics model is designed so that participants benefit from the network, instead of one company keeping the upside.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.