Falcon Finance has tapped Anchorage Digital to launch a new payments stablecoin, fUSD, according to an announcement on Wednesday. The launch represents Falcon’s first step into more traditional stablecoin issuance, after securing a foothold with its crypto-native synthetic dollar token.
The new token will be backed by short-dated U.S. Treasuries, cash, and Treasury-backed repos, aligning with GENIUS Act requirements, according to the statement. Anchorage Digital Bank's federally regulated infrastructure will manage the token’s collateral and maintain its AML/KYC standards.
Falcon said fUSD is meant to act as a "regulated counterpart" to its existing USDf token, the 11th-largest stablecoin by market capitalization. USDf operates as an overcollateralized synthetic stablecoin, a style of stablecoin not covered by GENIUS.
"With fUSD now live, institutions have access to a regulated dollar asset designed for how they actually operate, across trading venues, collateral workflows, and treasury desks," Falcon founding partner Andrei Grachev said. "Partnering with Anchorage Digital gives fUSD the issuance foundation institutional users increasingly require."
The announcement notes that fUSD is being deployed as collateral on the Binance-linked institutional-grade crypto custody provider Ceffu's MirrorRSV solution. MirrorRSV is an off-exchange settlement solution that lets users keep assets in Ceffu cold storage while using a mirrored version as collateral on Binance for margin, futures, or other trading.
