Aster USDF

Aster USDF is a stablecoin used in the ecosystem of the decentralized derivatives exchange Aster (formerly Astherus) that aims to hold its value at the US dollar level. The token is issued on BNB Chain. Users can mint USDF by depositing USDT and convert it back into USDT at the same ratio.

The model behind USDF rests on a delta-neutral structure: the protocol holds crypto assets with the deposited funds and offsets the price risk of these assets with opposite (short) positions it opens in futures markets. The portfolio's dollar value is thus designed to stay largely stable even as asset prices fluctuate, while funding fees and staking income serve as sources of yield. Users can stake USDF to obtain a version that shares in this yield, or use it as trading collateral on Aster.

Whether delta-neutral stablecoins keep their one-to-one value depends on factors such as funding rates turning negative, the risks of exchanges used as counterparties, the protocol's smart contract security and sudden spikes in redemption demand. The Aster USDF page on Lzzo.com presents DefiLlama's US dollar reference price and a chart showing this price's past movement.