FalconX, Ethena bring USDe backing assets into $1B institutional credit facility
FalconX and Ethena launched a $1 billion secured lending facility backed by assets supporting USDe. The structure uses a special purpose vehicle, with FalconX originating, servicing, and managing collateral for overcollateralized loans to institutional borrowers. Collateral will be held at qualified custodians. For Ethena, the facility adds institutional lending as a new yield source for USDe reserves, beyond its usual crypto basis and funding-rate strategies. FalconX said the loans can support institutional trading, corporate treasury management, and payments. Terms, borrowers, returns, and initial deployment were not disclosed. The deal expands an existing partnership, as FalconX already supports USDe across its institutional trading and financing services. USDe is Ethena’s dollar-pegged synthetic asset, with a market cap of about $4 billion.
