Ethena and FalconX Launch $1B Facility to Diversify USDe Returns

Ethena and FalconX have teamed up to launch a $1 billion facility that will allow USDe returns to diversify their investment sources. The new arrangement channels reserve assets into overcollateralized institutional loans, rather than relying on perpetual futures funding rates.

FalconX will originate, service, and manage the collateral, while qualified third-party custodians will safeguard the assets. Ethena retains a first-priority security interest over the collateral throughout the facility.

This move expands Ethena's institutional lending strategy, which already includes Anchorage Digital, Maple Institutional, and Coinbase Asset Management. As of July 3, those lending positions accounted for about $310 million, or 6.9%, of USDe's backing.