The bef2c compiler included with the standard Befunge-93 distribution uses threaded code: each instruction is compiled to a snippet of C code, and control flows through the snippets just as it does in a Befunge interpreter (that is, conditionally on the value of some 'direction' register). This does not result in a significant advantage over a good interpreter. Note that the bef2c compiler is not correct since it does not handle either 'p' or string mode, but it would not be impossible to make it do so (although the C language might not be well-suited for this).