Aster USDF
Aster USDF (USDF) is a yield-bearing stablecoin issued by Aster, a decentralized perpetual exchange. It is designed to be fully collateralized and convertible with USDT at a 1:1 ratio, aiming to provide passive returns to holders. [1] [2]
Overview
Aster USDF (USDF) is a component of the broader Aster ecosystem, which emerged from the merger of Astherus and APX Finance in late 2024. The rebrand to Aster signifies a strategic focus on becoming a decentralized perpetuals exchange (perp DEX). The platform aims to simplify and enhance the decentralized finance (DeFi) experience by combining yield generation with perpetual trading infrastructure. The Aster platform integrates various features, including Aster Earn for yield generation, AstherusEX for perpetual trading, and the USDF stablecoin. [3] [4]
As the native stablecoin, USDF is designed to be fully collateralized and convertible 1:1 with USDT. Its primary function is to serve as a yield-bearing asset. The underlying USDT collateral is utilized in delta-neutral strategies to generate yield, which supports rewards for staked USDF (asUSDF). The stablecoin is intended to attract and leverage USDT liquidity. Previously, minting USDF on the Aster platform provided users with a multiplier on Au points, which were associated with airdrop rewards; however, the Au Points Program concluded on June 13, 2025. USDF can also be staked to earn additional yield opportunities. [1] [2]
How USDF Works
USDF maintains its peg through its convertibility with USDT at a 1:1 ratio. The collateral backing USDF consists of crypto assets and corresponding short futures positions, forming delta-neutral strategies. These strategies aim to generate yield while minimizing exposure to the price volatility of the underlying crypto assets. The yield generated from these strategies contributes to the rewards offered to users who stake USDF. [1] [2]
Users can mint USDF by depositing accepted collateral assets. The minted USDF can then be used within the Aster ecosystem for trading, staking, or participating in yield-generating activities. The process of minting and holding USDF was previously incentivized through mechanisms like airdrop point multipliers. [1]
Use Cases
USDF is primarily designed for use within the Aster ecosystem and the broader DeFi landscape. Key use cases include:
- Yield Generation: Users can mint USDF and stake it (asUSDF) to earn passive returns derived from the platform's delta-neutral strategies. [1]
- Airdrop Participation: Minting and holding USDF previously provided users with a multiplier on Au points, which contributed to eligibility for AST token airdrops. The Au Points Program officially ended on June 13, 2025. [1]
- Trading: USDF can be traded on decentralized exchanges, primarily on the BNB Chain. [2]
- Liquidity Provision: USDF can be used in liquidity pools on compatible DEXs like PancakeSwap. [2]
Tokenomics
As of September 2025, the USDF token has a circulating and total supply of approximately 50.7 million tokens. The fully diluted valuation (FDV) is approximately $50.68 million, which is equal to the market capitalization, indicating that the circulating supply is the same as the total supply. The maximum supply is listed as infinite. [2]
The Aster platform plans to introduce a new native token with the ticker AST, which will replace the previous APX token following the merger and rebrand. The AST token listing is planned for the future, and it is expected to play a central role in the ecosystem. [3]
Partnerships
Aster has established partnerships within the DeFi ecosystem to enhance its liquidity and yield offerings. Notable partners mentioned include:
These partnerships contribute to liquidity aggregation, yield strategies, and ecosystem integration for Aster and its associated assets like USDF.