Falcon Finance and Anchorage Digital Bank Launch fUSD, a GENIUS-Ready Stablecoin with Rewards on Ceffu

• Issued by Anchorage Digital Bank, N.A., the first federally-chartered crypto bank in the U.S. with reserves under OCC supervision and attested monthly by Deloitte
• The first GENIUS-ready stablecoin to launch on Ceffu's institutional infrastructure with a rewards structure: qualifying institutional holders share in the economics of fUSD's reserves, targeting an estimated 3% per year
• Rewards are paid by Falcon Finance, the commercial partner, under separate bilateral agreements with qualifying institutional holders, not by Anchorage, the issuer nor Ceffu, the custodian
• Falcon Finance will be a launch holder, deploying a portion of its own corporate reserves into fUSD from day one

With more than $320 billion in dollar stablecoins now in circulation and short-dated Treasury yields near 4%, holders collectively forgo well over $10 billion a year in potential returns — income that accrues to issuers rather than the desks holding the tokens. fUSD, launched today by Falcon Finance and Anchorage Digital Bank, N.A., is built to close that gap: a GENIUS-ready digital dollar that meets institutional compliance mandates while sharing a portion of its reserve economics with qualifying holders. It is the first GENIUS-ready stablecoin to launch on Ceffu's institutional custody and collateral infrastructure with a rewards structure.

Falcon Finance, the synthetic dollar protocol with $1.63 billion in USDf circulating supply and ranked among the top ten stablecoins on Ethereum by market cap, today announced the launch of fUSD, a U.S. dollar payment stablecoin issued by Anchorage Digital Bank, N.A. fUSD is GENIUS Act ready, the federal framework for payment stablecoins enacted on 18 July 2025.

The GENIUS Act restricts stablecoin issuers from paying interest or yield to holders. Anchorage Digital Bank issues fUSD but does not pay yield or rewards on the stablecoin itself. Rewards are offered by an entity separate from Anchorage Digital Bank, NA. and are tied to the stablecoin’s underlying collateral, such as U.S. Treasuries. Falcon Finance, as the name partner, operates an institutional rewards program, targeting roughly 3% per year. The rewards are available only to institutional entities that enter a contractual agreement with Falcon; no other regulated U.S. dollar stablecoin currently offers this structure to institutional holders. 

fUSD is supported by Ceffu's institutional custody and collateral infrastructure, the same platform used by leading trading firms and liquidity providers. Falcon already uses Ceffu within its existing custody stack for USDf, its overcollateralized synthetic dollar. By launching fUSD on Ceffu, Falcon positions the stablecoin where professional desks, treasury desks, high-frequency trading firms, basis traders, and counterparties operating under tight compliance mandates, already manage collateral. For these desks, the most widely-used stablecoins return nothing on the balances they hold; a regulated, rewards-bearing dollar lets them improve the economics of their strategies within their compliance requirements.

Falcon Finance will be a launch holder of fUSD, deploying a portion of its own corporate reserves into the stablecoin from launch, a signal of the firm's confidence in the issuance framework and of how it expects institutional counterparties to engage with the product.

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, said: “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.”

Falcon Finance now operates 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.