And the more I studied USDf, the more I realized how strong its design truly is. Instead of depending on one major collateral asset — which has been the downfall of many stablecoins in the past — USDf spreads its security across a diversified pool. This is one of the closest things to a “collateral basket standard” we’ve seen in DeFi, similar to how real-world banks strengthen currencies with multiple backing layers. In other words, Falcon isn’t just minting another stablecoin; it’s building an entirely new class of on-chain liquidity.