Falcon Finance has launched a dollar-backed stablecoin, fUSD, through Anchorage Digital Bank’s federally regulated issuance platform, according to a Wednesday announcement.
The companies said the stablecoin is backed by short-dated US Treasurys, cash and Treasury-backed repurchase agreements.
The new stablecoin is designed for institutional trading, collateral and treasury workflows and will initially be used as collateral through Ceffu’s MirrorRSV system. According to the announcement, the stablecoin extends Falcon Finance’s existing USDf synthetic dollar product into federally regulated issuance.
The companies said fUSD’s reserve structure was designed to align with standards proposed under the GENIUS Act, which would establish federal rules for dollar-backed stablecoins in the United States.
Falcon Finance Chief RWA Officer Artem Tolkachev told Cointelegraph that the stablecoin’s structure separates token issuance from reward payments in an effort to comply with proposed restrictions on yield-bearing stablecoins under the bill.
“Anchorage issues fUSD and pays no yield on the token itself,” Tolkachev said. “Falcon pays rewards to qualifying institutional holders through separate contracts.”
Source: Anchorage
Anchorage Digital said the stablecoin is being issued through its federally regulated banking platform, which includes AML and KYC requirements tied to US banking rules. The company is the parent of Anchorage Digital Bank, which received a national trust bank charter from the US Office of the Comptroller of the Currency in 2021.
Related: Why banks are fighting stablecoins after shaping the rules
SoFi rolls out bank-issued stablecoin on Ethereum and Solana
The launch from Anchorage Digital came as SoFi rolled out its own dollar-backed stablecoin, allowing users to buy, sell and hold the token directly inside its banking app, according to a separate Wednesday announcement. The company said the product is the first stablecoin issued by a US national bank to become available on a consumer banking platform.
The stablecoin, SoFiUSD, supports transfers on the Ethereum (ETH) and Solana (SOL) blockchains. SoFi said it plans to expand the product with tokenized deposits, cross-border payments and exchange integrations in the coming weeks.
Future updates will allow users to convert the stablecoin into interest-bearing tokenized deposits tied to bank accounts, according to SoFi. The company also plans to list SoFiUSD on crypto exchange Bullish.
SoFi said members can access SoFiUSD starting Wednesday, with broader availability expected in early June as users update to the latest version of the company’s app. The stablecoin is redeemable 1:1 for US dollars and backed by liquid assets held by SoFi Bank.
The total stablecoin market capitalization has climbed to roughly $322.6 billion, up about 31% from around $246.8 billion at the same time last year, according to data from DeFiLlama.
Source: DefiLlama
Magazine: Big Questions: Do we really only need 2–5 cryptocurrencies?
Source: https://cointelegraph.com/news/anchorage-digital-launches-federally-regulated-stablecoin-with-falcon-finance?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
