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. USDF serves as a native stablecoin within this ecosystem, designed to attract and utilize liquidity. ^{[3] [4]}

The Aster platform integrates various features, including AstherusEarn for yield generation, AstherusEX for perpetual trading, and the USDF stablecoin. These elements are intended to work together to provide utility for digital assets and facilitate sustainable returns for DeFi users. USDF's design incorporates mechanisms aimed at maintaining its peg to the US dollar and generating yield through underlying strategies. ^{[2] [1]}

USDF Stablecoin

USDF is a stablecoin issued by Aster, designed to be fully collateralized and convertible 1:1 with USDT. Its primary function is to serve as a yield-bearing asset within the Aster ecosystem. The underlying USDT collateral is utilized in delta-neutral strategies to generate yield, which supports rewards for staked USDF (asUSDF). ^[1]

The stablecoin is intended to attract and leverage USDT liquidity. Minting USDF on the Aster platform is designed to provide users with a multiplier on Au points, which are associated with future airdrop rewards. 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. ^{[6] [7]}

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 is 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 provides users with a multiplier on Au points, contributing to eligibility for future AST token airdrops. ^{[1] [10]}
• 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 and Uniswap V3 on BSC. ^[2]

Tokenomics

The USDF token has a circulating supply and total supply of approximately 116.79 million tokens as of June 2025. The fully diluted valuation (FDV) is approximately $116.67 million, which is equal to the market capitalization, indicating that the circulating supply is close to 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:

• YZi Labs (formerly Binance Labs) ^{[3] [12]}
• Pendle ^{[5] [13]}
• ListaDAO ^[5]
• Kernel ^[5]
• Venus ^[5]
• YieldNest ^[5]
• PancakeSwap ^{[5] [14]}

These partnerships contribute to liquidity aggregation, yield strategies, and ecosystem integration for Aster and its associated assets like USDF.