Falcon Finance and Anchorage Digital Bank Launch fUSD
GEORGE TOWN, CAYMAN ISLANDS, May 27th, 2026 – Falcon Finance and Anchorage Digital Bank, N.A. today announced the launch of fUSD, a U.S. dollar payment stablecoin designed to meet institutional compliance mandates while offering rewards to qualifying holders. The stablecoin will launch on Ceffu’s institutional custody and collateral infrastructure.
With over $320 billion in dollar stablecoins currently in circulation, and short-dated Treasury yields near 4%, holders collectively forgo over $10 billion annually in potential returns. fUSD aims to address this by sharing a portion of its reserve economics with eligible holders.
fUSD is built to be GENIUS Act ready, the federal framework for payment stablecoins enacted on July 18, 2025. The GENIUS Act restricts stablecoin issuers from paying interest or yield to holders. While Anchorage Digital Bank issues fUSD, it does not pay yield or rewards on the stablecoin itself. Instead, rewards are offered by a separate entity and are tied to the stablecoin’s underlying collateral, such as U.S. Treasuries. Falcon Finance, as the name partner, will operate an institutional rewards program, targeting approximately 3% per year. These rewards are exclusively available to institutional entities that enter a contractual agreement with Falcon.
Falcon Finance, which has a synthetic dollar protocol with $1.63 billion in USDf circulating supply and is ranked among the top ten stablecoins on Ethereum by market cap, will be a launch holder of fUSD, deploying a portion of its corporate reserves into the stablecoin.
Institutional Focus
fUSD is supported by Ceffu’s institutional custody and collateral infrastructure, which is also used by leading trading firms and liquidity providers, including FalconX, Presto, and Orderly. By launching fUSD on Ceffu, Falcon Finance aims to provide a regulated, rewards-bearing dollar for professional desks, treasury desks, high-frequency trading firms, and counterparties operating under strict compliance mandates.
Andrei Grachev, Founding Partner of Falcon Finance, stated that fUSD addresses the needs of desks operating under compliance mandates that synthetic and offshore stablecoins were not designed to satisfy. He added that the regulated dollars available today offer no returns, and fUSD closes both gaps.
Nathan McCauley, CEO and Co-Founder of Anchorage Digital, emphasized that fUSD is built for institutional use, made possible by their federal bank charter.
Ian Loh, CEO of Ceffu, highlighted the value of integrating fUSD into Ceffu’s ecosystem, providing institutional-grade custody and collateral utility.
Complementary Products
Falcon Finance now offers two complementary dollar products. USDf, the overcollateralized synthetic dollar, continues to serve DeFi-native users and multi-collateral mandates. fUSD extends Falcon’s reach to federally-regulated treasury desks, compliance-constrained counterparties, and institutional collateral mandates that require a regulated, non-synthetic dollar.
About Falcon Finance
Falcon Finance is developing a universal collateral layer that converts any liquid asset, including digital assets, currency-backed tokens, and tokenized real-world assets, into USD-pegged onchain liquidity. By bridging onchain and offchain financial systems, Falcon enables institutions, protocols, and capital allocators to unlock stable, yield-generating liquidity from their existing assets.
About Anchorage Digital
Anchorage Digital is a global crypto platform that enables institutions to participate in digital assets through trading, staking, custody, governance, settlement, stablecoin issuance, and security infrastructure. Anchorage Digital Bank N.A. is the first federally chartered crypto bank in the U.S. Anchorage Digital also serves institutions through Anchorage Digital Singapore, which is licensed by the Monetary Authority of Singapore; Anchorage Digital NY, which holds a BitLicense from the New York Department of Financial Services; and self-custody wallet Porto by Anchorage Digital. Anchorage Digital Bank also offers fiat custody services through the use of an FDIC-insured, licensed sub-custodian. Anchorage Digital is funded by leading institutions including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with a valuation of $4.2 billion. Founded in 2017 in San Francisco, California, Anchorage Digital has offices in New York, New York; Porto, Portugal; Singapore; and Sioux Falls, South Dakota.
About Ceffu
Ceffu is a compliant, institutional-grade custody platform offering custody and liquidity solutions that are ISO 27001 & 27701 certified and SOC2 Type 2 attested. Their multi-party computation (MPC) technology, combined with a customizable multi-approval scheme, provides bespoke solutions for institutional clients to securely store and manage their virtual assets.
About fUSD
fUSD is a U.S. dollar payment stablecoin issued by Anchorage Digital Bank, N.A. Subject to final applicable law, fUSD is GENIUS-ready, the federal framework for payment stablecoins. Each fUSD token is backed 1:1 by a reserve pool of cash, short-dated U.S. Treasuries, and Treasury-backed repo via eligible MMF exposure, held at Anchorage Digital Bank under federal supervision. Reserves are attested by Deloitte on a monthly and annual basis. fUSD is designed for institutional trading desks, collateral mandates, and counterparties operating under federally-regulated compliance requirements.
fUSD is not a deposit, not FDIC insured, and not endorsed or guaranteed by the U.S. government.
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