Who controls it
Astherus USDF combines USDT with centrally managed delta-neutral positions and delayed redemption, inheriting Tether freeze risk plus venue, custody, and operator control.
- Backing
- USDT collateral combined with centrally managed delta-neutral derivatives positions.
- Holder’s claim
- USDF is a claim on a managed strategy. It holds no cash reserve and is unrelated to Falcon’s USDf.
- Redemption or sale
- Astherus processes redemptions under its liquidity and timing rules; holders also depend on market liquidity.
Dependencies
- Astherus operators
- Tether USDT
- Derivatives venues and custodians
- Hedge performance and redemption queue
Losses and incidents
- We found no control, reserve, or redemption incident in the sources we reviewed.
Advisor notes
Controlling party: Astherus operators, custodians, and strategy administrators. Check whether the client can redeem directly with the issuer. Holding the token on chain leaves every reserve, custody, contract, and legal dependency in place.
On-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel. This grade can sit beside a sound reserve, a useful product, or a fitting role in a client account. It records who can act on the token and passes no judgment on the product.
Questions before use
- Does the exact contract and chain match the instrument reviewed here?
- Which party can mint, burn, pause, upgrade, block, or redeem?
- Does the client have direct redemption access or only secondary liquidity?
- What protocol, bridge, wallet, and custodian dependencies are added?
- Which event would force a review or a sale?
Sources
- Aster: Official USDF contracts · primary
- PeckShield: Astherus USDF security audit · primary
- DefiLlama: Stablecoins circulation dataset · secondary
Issuers can change their documents and product terms. This page gives our reading of control as of 2026-08-19. Check the current terms before a client buys.
Legend: No freeze key: no issuer or administrator can freeze an address at this layer · Governed, no freeze: on-chain collateral and governance set the terms, but no issuer blocklist exists · Mixed control: on-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel · Issuer can freeze: a named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. How grading works.