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]}

What is Aster?

Aster is a decentralized perpetual exchange (DEX) that resulted from the merger of Astherus and APX Finance in late 2024. The platform focuses on providing decentralized perpetual contract trading. It aims to aggregate liquidity across multiple chains to offer deep liquidity and low trading fees. Aster offers two primary trading modes: Simple Mode for one-click trading and Pro Mode for advanced orders and tools. The platform also continues to support yield products under the "Aster Earn" umbrella, including liquid staking derivatives and the USDF stablecoin. ^{[3] [4] [5]}

The platform has processed significant trading volume since its inception, with APX and Astherus collectively processing over $258 billion in decentralized perpetual trading volume prior to the rebrand. Aster's roadmap includes plans for integrating zero-knowledge proofs, developing a purpose-built Layer 1 blockchain, and implementing an intent-based system to automate trade execution across different chains and liquidity sources. ^{[3] [4]}

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]

Technology

The Aster platform, which issues USDF, is built on a multi-chain architecture designed to aggregate liquidity. It utilizes smart contracts to facilitate decentralized perpetual trading and yield generation. The USDF stablecoin itself relies on smart contracts to manage collateral, minting, burning, and yield distribution. ^{[2] [8]}

A security audit note from GoPlus indicates that the contract creator has the ability to make changes to the token contract, such as disabling sells, changing fees, minting, or transferring tokens. Users are advised to exercise caution regarding these potential contract modifications. ^[9]

Future technological developments planned for Aster include the integration of zero-knowledge proofs for enhanced privacy, the development of a dedicated Layer 1 blockchain optimized for trading, and an intent-based system to streamline cross-chain operations. ^{[3] [4]}

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]

Markets

Aster USDF (USDF) is traded on decentralized exchanges (DEXs), primarily on the BNB Chain. The most active trading pair involves USDF and BSC-USD (Binance-Pegged USD). ^[2]

Notable exchanges and trading pairs for USDF include:

• PancakeSwap V3 (BSC) with the USDF/BSC-USD pair. ^[2]
• PancakeSwap (Stableswap) with the USDF/BSC-USD pair. ^[2]
• PancakeSwap (Stableswap) with the USDF/ASUSDF pair. ^[2]
• Uniswap V3 (BSC) with the USDF/BSC-USD pair. ^[2]

The price of USDF is calculated by aggregating data across multiple exchanges and markets using a volume-weighted average formula. ^{[2] [11]}

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.

Milestones and Events

A significant event for the project was the official rebrand from Astherus to Aster on March 31, 2025. This followed the merger between Astherus and decentralized perpetual protocol APX Finance in late 2024. The rebrand marked a strategic shift towards focusing on decentralized perpetual trading. ^[3]

The Aster Stage 1 Points Program, named "Spectra," was launched to incentivize user participation through activities like minting assets and trading, contributing to future airdrop rewards. ^{[15] [10]}

In June 2025, Aster announced the beta launch of Aster Chain for selected traders, indicating progress towards their planned Layer 1 blockchain. ^[16]