TL;DR:
- Falcon Finance launched fUSD alongside Anchorage Digital Bank, the first federally chartered crypto bank in the U.S., backed 1:1 by safe assets.
- The fUSD rewards program targets an annual yield of 3% for qualified institutional holders, with monthly attestations from Deloitte.
- USDf maintains a supply of $1.5 billion and a collateral ratio of 105.8%: sUSDf delivers an APY of 4.69%.
Falcon Finance launched fUSD, a new stablecoin designed for the regulated institutional market. The issuance was carried out alongside Anchorage Digital Bank, N.A., the first crypto bank with a federal charter granted by the OCC in the United States, and was deployed on the custodial and institutional collateral infrastructure of Ceffu. The asset is backed 1:1 by cash, short-term Treasury bonds, and repos backed by Treasuries, with monthly attestations conducted by Deloitte and a structure prepared to comply with the GENIUS Act.
Qualified institutional holders can participate in a rewards program operated by Falcon that targets an approximate annual yield of 3%, offered separately to Anchorage as issuer and to Ceffu as custodian.
fUSD and USDf: Two Rails for the Same System
The launch of fUSD does not displace USDf, but rather expands the protocol’s reach. While USDf remains oriented toward DeFi-native use cases and multi-asset collateral, fUSD targets federally regulated treasury desks, compliance-restricted counterparties, and institutional mandates that require a non-synthetic dollar.
As of today, USDf records a supply of $1.5 billion and $69.84 million in sUSDf. Total reserves stand at approximately $1.59 billion, placing the protocol’s collateral ratio at 105.8%. sUSDf delivers an APY of 4.69%, backed by an insurance fund of $10 million. Reserve exposure is led by BTC at 64% of the total, equivalent to $1.02 billion, followed by mBTC and enzoBTC with shares of 14.6% and 14.3% respectively. Yield generation is anchored in options-based strategies, which account for 61% of the total.
Falcon Eyes Convergence
On another front, Falcon integrated TSLAon on April 23 as the first tokenized asset from Ondo within the protocol. According to the platform, tokenized assets gain utility when they allow access to liquidity without abandoning exposure to the underlying asset.
Tokenized assets have already surpassed $30 billion in value, though much of it remains as passive exposure with no productive use within the DeFi ecosystem.
Falcon’s goal for the coming months is the convergence of both systems: crypto-native liquidity through USDf and regulated institutional access through fUSD, within a collateral layer designed for the direction onchain finance is heading.
