CDPs · Review
ActiveUSDFC Review 2026: FIL-Backed Stablecoin on Filecoin
USDFC is a USD-pegged stablecoin on Filecoin that users mint by depositing FIL as collateral. It is a small, early-stage CDP, so the main takeaway is limited scale and single-asset collateral risk.
By the DappsAtlas editorial team · Updated
DappsAtlas score
6.0/10
Mixed
Our verdict on USDFC
6.0/10USDFC suits Filecoin holders who want a dollar-pegged asset without selling their FIL, and who understand CDP liquidation mechanics. Its strength is a clear, native design where FIL collateral mints a stablecoin that is redeemable anytime. The main caveat is scale and concentration: TVL is only about $315,000, collateral is a single volatile asset, and key parameters such as fees and collateral ratios are not. Treat it as an early-stage protocol and size positions accordingly.
Score breakdown
How USDFC scores
- Security
- 5.5/10
- Ease of use
- 6.5/10
- Fees
- n/a
- Features
- 6.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is USDFC?
USDFC is a USD-pegged stablecoin on Filecoin, minted by depositing FIL as collateral. DefiLlama describes it as a Filecoin-backed stablecoin and files it under CDPs. The homepage is branded with Secured Finance.
It is small. DefiLlama shows about $315,000 in TVL, down 7.7% over seven days, and lists it since March 2025. Two audits are listed, and the project has an X account, USDFC_Protocol. There is no separate token.
The homepage says users can mint, redeem anytime, earn yield and bridge liquidity across DeFi.
How USDFC works
USDFC is a collateralized debt position (CDP) stablecoin. A user locks FIL in the protocol and mints USDFC against it. The debt must stay covered by collateral worth more than the amount borrowed.
The peg to one US dollar is kept by the ability to redeem USDFC for collateral, according to the homepage. If FIL falls too far in value, a position can be liquidated to protect the system. The exact thresholds are not given.
A search snippet also describes a lending side: suppliers provide USDFC, borrowers pay interest, and supplied positions grow through mTokens. Details of how this ties to minting are not confirmed publicly.
6 features
Key features
01
FIL-backed minting
Users deposit FIL into the protocol to mint USDFC, a stablecoin pegged to the US dollar.
02
Redemption anytime
The homepage says USDFC can be redeemed anytime, which is the usual mechanism for keeping a CDP stablecoin near its peg.
03
Yield for suppliers
The homepage says users can earn yield. A search snippet describes suppliers lending to borrowers, with interest growing the lender's position through mTokens.
04
Points program
The project lists a points program with deposits, boosts and rewards, according to a search result title.
05
Cross-DeFi liquidity
The homepage mentions bridging liquidity across DeFi, extending USDFC use beyond a single app.
06
Audits listed
DefiLlama lists two audits for the protocol, though the auditors are not named publicly.
Pros and cons
What we like
- Gives Filecoin holders a native dollar-pegged asset without selling FIL
- Redeemable anytime, according to the homepage
- Two audits are listed on DefiLlama
- No extra governance token to buy or track
- Yield and points programs offer ways to earn on deposits
Watch out for
- TVL is small, about $315,000 in DefiLlama data, and fell 7.7% over seven days
- Only Filecoin is listed as a supported chain, so reach is narrow
- Collateral is a single volatile asset (FIL), so liquidation risk is real
- Fee, collateral ratio and liquidation parameters are not
- Third-party price pages show mixed readings, including one at about $0.95, so the peg is not guaranteed
- Homepage is minimal, so many product details can't be confirmed
USDFC fees
Fees are not published. That includes any one-time borrowing or minting fee, interest rates and redemption fees. Users should check the USDFC app and the project's documentation before opening a position.
Filecoin network gas fees also apply to every transaction. Interest paid by borrowers is described in a search snippet as what grows the lender's position, but no rates are given.
Is USDFC safe?
DefiLlama lists two audits, but the project does not name the auditors or the findings, so readers should locate the reports themselves. No hack or shutdown is mentioned publicly.
CDP stablecoins carry smart-contract risk, collateral volatility and peg risk. Because FIL is the only collateral described, a sharp FIL decline can trigger liquidations. Third-party price pages show mixed readings, including one around $0.95. Liquidity is thin at this TVL, which can widen deviations. Users are responsible for their own keys and positions.
6 steps
How to get started with USDFC
- 1
Confirm the official site from the project's own channels, such as its listed X account, and avoid lookalike sites.
- 2
Set up a Filecoin-compatible wallet and fund it with FIL plus a little extra for gas.
- 3
Open the USDFC app and connect the wallet.
- 4
Read the collateral ratio, fees and liquidation terms shown in the app before depositing.
- 5
Deposit FIL and mint USDFC only at a level that leaves a wide safety margin against FIL price drops.
- 6
Monitor your position, and repay or add collateral if FIL falls sharply.
Who USDFC is for
USDFC is for Filecoin holders comfortable with DeFi who want to borrow a stablecoin against FIL or earn yield on it. It is less suitable for beginners who are unfamiliar with liquidation risk, or for anyone needing deep liquidity.
USDFC FAQs
What is USDFC?
USDFC is a USD-pegged stablecoin backed by Filecoin (FIL). Users deposit FIL as collateral to mint it. The homepage is branded with Secured Finance.
How do I mint USDFC?
According to the project's homepage description, you deposit FIL to mint USDFC and can redeem it anytime. The exact collateral ratio and minting terms are not, so check the app before opening a position.
Does USDFC have its own token?
No. Public sources show USDFC is a stablecoin and DefiLlama lists no separate governance or protocol token. Third-party price pages show prices near but not always exactly at one dollar.
Is USDFC safe?
It carries the usual CDP risks: FIL price drops can trigger liquidation, smart-contract bugs are possible, and the peg can drift. DefiLlama lists two audits, but the project does not say who performed them or what they found.
Which blockchain does USDFC run on?
DefiLlama lists only Filecoin. USDFC is a native Filecoin asset, and the homepage mentions bridging liquidity across DeFi, though specific bridges are not named publicly.
Can I earn yield with USDFC?
The homepage meta description says users can earn yield, and a search result mentions a points program with deposits, boosts and rewards. Specific rates and conditions are not published publicly, so check the app.
Compare
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How we checked
Sources
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