GEORGE TOWN, CAYMAN ISLANDS, May 27th, 2026 - Anchorage Digital Bank, N.A., acting as issuer, and Falcon Finance, acting as commercial partner, today announced the launch of fUSD, a U.S. dollar payment stablecoin intended for institutional users and built to comply with the GENIUS federal framework for payment stablecoins.
Anchorage Digital Bank, N.A. is described as the first federally-chartered crypto bank in the United States, holding reserves under Office of the Comptroller of the Currency (OCC) supervision and subject to monthly attestations by Deloitte. fUSD will be supported through Ceffu’s institutional custody and collateral infrastructure and is billed as being GENIUS-ready, meeting the federal framework enacted on July 18, 2025.
Falcon Finance, a synthetic dollar protocol with a reported circulating supply of USDf at $1.63 billion and ranked among the top ten stablecoins on Ethereum by market capitalization, will operate an institutional rewards program tied to the stablecoin’s underlying reserves. According to the announcement, qualifying institutional holders who enter separate bilateral agreements with Falcon may share in the economics of the reserve collateral - principally short-dated U.S. Treasuries and related Treasury-backed repo exposure via eligible money market fund instruments - with a targeted reward rate of approximately 3% per year. These rewards are paid by Falcon Finance under contractual arrangements with eligible institutions; Anchorage, as issuer, and Ceffu, as custodian, are not the payors of the rewards.
The partners framed fUSD as a response to the opportunity cost institutions incur by holding dollar stablecoins that return no yield while Treasury yields remain elevated. The announcement cites more than $320 billion in dollar stablecoins in circulation and short-dated Treasury yields near 4%, and states that holders collectively forgo well over $10 billion a year in potential returns - income that, the partners say, accrues to issuers rather than to the desks holding the tokens. fUSD is presented as a product intended to close that gap for institutional counterparties while operating inside the GENIUS regulatory framework.
Ceffu’s platform will host fUSD, enabling institutions that already rely on Ceffu for custody and collateral management to integrate the new token into existing workflows. Ceffu is described as the custody and collateral platform used by trading firms and liquidity providers including FalconX, Presto and Orderly. Falcon Finance already uses Ceffu within its custody stack for USDf, its existing overcollateralized synthetic dollar, and the launch of fUSD on the same infrastructure is presented as a way to place the regulated dollar where professional trading desks, treasury teams, high-frequency trading firms, basis traders, and counterparties with tight compliance mandates already manage collateral.
Falcon Finance will act as a launch holder for fUSD, committing a portion of its corporate reserves to the new token from day one. The company framed this deployment as a demonstration of its confidence in the issuance structure and as a signal for how it anticipates institutional counterparties may interact with the product.
Key statements from participants appeared in the announcement. Andrei Grachev, Founding Partner of Falcon Finance, said: "The desks we work with operate under compliance mandates that synthetic and offshore stablecoins were never designed to satisfy, and the regulated dollars they can hold today pay them nothing. fUSD closes both gaps. It’s issued by a federally-chartered bank, backed by Treasuries, launched on the infrastructure these desks already use to manage collateral, and built so qualifying institutional holders can share in the economics of the reserves. We’re putting our own balance sheet behind it from day one."
Nathan McCauley, CEO and Co-Founder of Anchorage Digital, said: "fUSD is built from the ground up for institutional use, and that’s only possible because of our federal bank charter. Falcon Finance is exactly the kind of partner the GENIUS framework was designed to serve: sophisticated, institutional, and choosing to operate inside U.S. regulation rather than around it."
Ian Loh, CEO of Ceffu, added: "The integration of fUSD into Ceffu’s ecosystem delivers institutional-grade custody and collateral utility. We look forward to supporting Falcon Finance in expanding the institutional adoption and utility of stablecoins."
The launch positions Falcon Finance to operate two complementary dollar products. USDf, described in the announcement as an overcollateralized synthetic dollar, continues to target DeFi-native users and multi-collateral mandates. The new fUSD is positioned to extend Falcon’s reach into federally-regulated treasury desks, counterparties constrained by compliance requirements, and institutional collateral mandates that require a regulated, non-synthetic dollar instrument.
Details on reserve composition and oversight are included in the issuer materials. Each fUSD token is said to be backed 1:1 by a reserve pool composed of cash, short-dated U.S. Treasuries, and Treasury-backed repo via eligible money market fund exposure, all held at Anchorage Digital Bank under federal supervision. The reserves are attested by Deloitte on a monthly and annual basis. The announcement also notes the legal caveat that fUSD is not a deposit, is not FDIC insured, and is not endorsed or guaranteed by the U.S. government.
According to the release, the rewards that make fUSD distinctive among regulated dollar tokens are not paid by the issuer. Instead, Falcon Finance will offer rewards to qualifying institutional holders through separate bilateral agreements, and only those institutions that enter contracts with Falcon will be eligible to receive the approximately 3% targeted annualized rewards. The announcement emphasizes that no other regulated U.S. dollar stablecoin currently offers this particular structure to institutional holders.
For institutional treasury desks and trading operations, the value proposition rests on integrating a regulated dollar instrument into the custody and collateral stacks where they already operate, while recapturing some of the yield associated with reserve collateral. The partners argue that a regulated, rewards-bearing dollar allows these desks to improve the economics of their strategies without breaching compliance mandates.
Corporate and operational background on the participants is included. Falcon Finance describes itself as building a universal collateral layer that converts liquid assets, including digital assets, currency-backed tokens, and tokenized real-world assets, into USD-pegged onchain liquidity. By bridging onchain and offchain systems, Falcon aims to offer institutions and protocols the ability to unlock stable, yield-generating liquidity from assets already held.
Anchorage Digital is described in the announcement as a global crypto platform providing trading, staking, custody, governance, settlement, stablecoin issuance, and security infrastructure. Anchorage Digital Bank N.A. is highlighted as the first federally chartered crypto bank in the U.S., and the firm is said to operate additional regulated entities including Anchorage Digital Singapore and Anchorage Digital NY, as well as a self-custody wallet named Porto by Anchorage Digital. The announcement lists institutional backers and a valuation of $4.2 billion, and states Anchorage was founded in 2017 with offices in multiple geographies.
Ceffu is described as an institutional-grade custody platform with ISO 27001 and 27701 certifications and SOC2 Type 2 attestation. Its multi-party computation technology and customizable multi-approval scheme are presented as features that enable institutional clients to store and manage virtual assets.
Contact details provided in the release name Diksha Sharma, Head of Marketing at Falcon Finance, with an email contact of [email protected].
Summary
fUSD is a U.S. dollar payment stablecoin issued by Anchorage Digital Bank, N.A., launched by Falcon Finance on Ceffu’s institutional infrastructure. The token is described as GENIUS-ready and backed 1:1 by cash, short-dated Treasuries, and Treasury-backed repo exposure, with reserves held under federal supervision and attested by Deloitte. Falcon Finance will run a separate institutional rewards program, targeting roughly 3% per year and available only via bilateral agreements with qualifying institutional holders. Falcon is a launch holder and will place a portion of its corporate reserves into fUSD at launch.
Key Points
- fUSD is issued by Anchorage Digital Bank, N.A., a federally-chartered crypto bank with reserves under OCC supervision and monthly attestations by Deloitte, and is described as GENIUS-ready.
- Falcon Finance operates an institutional rewards program tied to reserve economics and targets approximately 3% annualized rewards, but the payments are made under separate bilateral agreements with qualifying institutional holders and are funded by Falcon, not by Anchorage or Ceffu.
- fUSD will launch on Ceffu’s institutional custody and collateral infrastructure, positioning it within the operational stacks used by trading desks, treasury teams, and other compliance-constrained counterparties.
Risks and Uncertainties
- GENIUS regulatory constraints do not permit stablecoin issuers to pay yield or interest directly to holders - as a result, the rewards model relies on a separate commercial arrangement and therefore may not be universally accessible to all holders. This affects institutional treasury operations and institutional liquidity management.
- Rewards are delivered only to qualifying institutional entities that enter bilateral agreements with Falcon Finance, creating counterparty and contractual eligibility risk for market participants seeking yield on stablecoin balances.
- fUSD is not a bank deposit, is not FDIC insured, and is not endorsed or guaranteed by the U.S. government, which is relevant to institutions assessing balance sheet treatment and credit or custody risk.
Disclosure
Contact: Diksha Sharma, Head of Marketing, Falcon Finance, [email protected]. fUSD is not a deposit, not FDIC insured, and not endorsed or guaranteed by the U.S. government. Reserves are attested by Deloitte on a monthly and annual basis. Rewards on fUSD are paid by Falcon Finance under separate bilateral agreements with qualifying institutional holders and are not paid by Anchorage Digital Bank, N.A. or Ceffu.