Falcon Finance withdraws all funds from CEXs amid push for stablecoin transparency
Main Idea
Falcon Finance has withdrawn all funds from centralized exchanges (CEXs) to promote transparency for its stablecoin USDf, which maintains a 1:1 peg with the US dollar and has a market capitalization of $656 million.
Key Points
1. Falcon Finance's USDf stablecoin is backed by $1.989 billion, reflecting growth and increased trust in the stablecoin.
2. USDf uses reserve logic and blockchain infrastructure, differentiating it from other stablecoins like Tether’s USDT and Circle’s USDC.
3. The move follows past issues in the DeFi sector, such as the collapse of TerraUSD (UST) and Luna (LUNA), which lost 99% of their value within a week.
4. Falcon Finance aims to rewrite the narrative by emphasizing transparency and integrity in stablecoin operations.
5. The stablecoin trades at $1.00 and is perceived as less risky compared to undercollateralized synthetic stablecoins.
Description
Stablecoins have remained in the limelight since Donald Trump signed the GENIUS Act into law . Synthetic stablecoin protocol Falcon Finance is making headlines today as co-founder Andrei Grachev confirmed a bold transparency move. Grachev has revealed that Falcon Finance has withdrawn all its funds from centralized exchanges. Moreover, external auditors have confirmed the move, which reflects a shift in how stablecoin firms prioritise integrity. Andrei Grachev @ag_dwf · Follow UpdateWe moved all...
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