[PRESS RELEASE – GEORGE TOWN, CAYMAN ISLANDS, May 27, 2026]
- Issued by Anchorage Digital Bank, N.A., the first federally chartered crypto bank in the U.S. with reserves supervised by the OCC and attested monthly by Deloitte
- The GENIUS-ready stablecoin will launch on Ceffu’s institutional infrastructure with a rewards framework: qualifying institutional holders can share in the reserve economics of fUSD, targeting approximately 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 by Ceffu, the custodian
- Falcon Finance will act as a launch holder, deploying a portion of its corporate reserves into fUSD from day one
With more than $320 billion in dollar stablecoins circulating and short-dated Treasury yields near 4%, institutional holders collectively forgo substantial income each year that accrues to issuers rather than to treasury and trading desks holding the tokens. fUSD, launched today by Falcon Finance and Anchorage Digital Bank, N.A., is designed to close that gap. It is a GENIUS-ready digital dollar that meets institutional compliance requirements while enabling qualifying holders to share in a portion of the reserve economics. The stablecoin will be available on Ceffu’s institutional custody and collateral infrastructure and features a distinct rewards structure for eligible institutions.
Falcon Finance, a synthetic dollar protocol with USDf supply of $1.63 billion and ranked among the largest stablecoins on Ethereum by market capitalization, announced the launch of fUSD, a U.S. dollar payment stablecoin issued by Anchorage Digital Bank, N.A. fUSD is designed to comply with the GENIUS Act, the federal framework for payment stablecoins enacted on July 18, 2025.
The GENIUS Act prohibits 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. Instead, rewards are offered by a separate commercial partner and are linked to the stablecoin’s underlying collateral, such as short-dated U.S. Treasuries. Falcon Finance operates an institutional rewards program, targeting roughly 3% per year, available only to institutional entities that enter into contractual agreements with Falcon. This arrangement is structured to be compliant with the GENIUS framework and is unique among regulated U.S. dollar stablecoins for institutional holders.
fUSD will be 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. Launching fUSD on Ceffu places the product where professional trading desks, treasury teams, high-frequency trading firms, basis traders, and counterparties operating under strict compliance mandates already manage collateral. Many widely used stablecoins offer no return on balances these desks hold; a regulated, rewards-bearing dollar allows them to improve the economics of their strategies without leaving their compliance boundaries.
Falcon Finance will be a launch holder of fUSD and will deploy a portion of its own corporate reserves into the stablecoin at launch, signaling confidence in the issuance framework and demonstrating how institutional counterparties may 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 available 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: “Integrating fUSD into Ceffu’s ecosystem delivers institutional-grade custody and collateral utility. We look forward to supporting Falcon Finance in expanding institutional adoption and the practical utility of stablecoins for regulated counterparties.”
Falcon Finance will continue to operate two complementary dollar products. USDf, the overcollateralized synthetic dollar, will remain available to DeFi-native users and multi-collateral mandates. fUSD extends Falcon’s offering 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 building a universal collateral layer that converts liquid assets — including digital assets, currency-backed tokens, and tokenized real-world assets — into USD-pegged on-chain liquidity. By bridging on-chain and off-chain financial systems, Falcon enables institutions, protocols, and capital allocators to unlock stable, yield-generating liquidity from assets they already hold.
About Anchorage Digital
Anchorage Digital is a global digital asset platform that enables institutions to participate in digital markets through trading, staking, custody, governance, settlement, stablecoin issuance, and security services. Anchorage Digital Bank, N.A., is the first federally chartered crypto bank in the United States. Anchorage also serves institutions through Anchorage Digital Singapore, Anchorage Digital NY, and self-custody products. The bank’s reserves are supervised by federal regulators and undergo attestations by Deloitte. Anchorage Digital is backed by leading investors and maintains offices in multiple international locations.
About Ceffu
Ceffu is a compliant, institutional-grade custody platform providing custody and liquidity solutions with ISO 27001 & 27701 certification and SOC 2 Type 2 attestation. Its multi-party computation (MPC) technology and customizable multi-approval workflows deliver tailored solutions that allow institutional clients to securely store and manage virtual assets.
About fUSD
fUSD is a U.S. dollar payment stablecoin issued by Anchorage Digital Bank, N.A. Subject to applicable law, fUSD is GENIUS-ready and designed to meet 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 money market exposure, held at Anchorage Digital Bank under federal supervision. Reserves are attested by Deloitte monthly and annually. fUSD is purpose-built for institutional trading desks, collateral mandates, and counterparties operating under federally regulated compliance requirements.
fUSD is not a deposit, not FDIC insured, and is not endorsed or guaranteed by the U.S. government.