Open the USDf market cap chart, and that nearly 45-degree steady upward curve is enough to make people stop and look. This is not the kind of crazy volatility driven by emotions in the crypto world; instead, it exudes a certain industrial-level calmness—like a central water tower in a building, continuously supplying liquidity to the entire Web3 ecosystem.

By the end of 2025, the crypto market is experiencing a major liquidity shift. Once, USDT and USDC were like banknotes under the pillow—safe and secure, but essentially "money lying still." The emergence of USDf has changed this game. It is no longer just a trading medium but an interest-bearing asset with its own yield. This marks the switch from "passive USD" to "active USD."

Technically, the brilliance of USDf lies in its innovative use of "basis." It holds spot ETH or BNB and allocates an equal amount of short hedges, maintaining a delta-neutral framework, continuously extracting funding rates like a harvester. As long as there are people bullish on crypto assets, this revenue engine will keep turning. This is a perfect application of arbitrage logic in the stablecoin field.

According to on-chain data monitoring, the scale of USDf has grown significantly this year. Behind this number reflects the market’s recognition of interest-bearing stablecoins—people are beginning to realize that idle dollars can also generate value.