Falcon Finance and Anchorage Digital Bank, N.A. have launched fUSD, a U.S. dollar payment stablecoin issued in compliance with GENIUS Act, federal framework for payment stablecoins enacted on 18 July 2025. The stablecoin is available on Ceffu’s institutional custody and collateral infrastructure.
Anchorage Digital Bank N.A. is the issuer of record. It holds a federal bank charter, one of the first precedents when that was granted to a crypto firm in the United States, and is regulated by the Office of the Comptroller of the Currency. Each fUSD token is backed 1:1 by the reserve pool. Reserves backing fUSD consist of cash, short-dated U.S. Treasuries, and Treasury-backed repo via eligible money market fund exposure, held at Anchorage Digital Bank under OCC supervision. To comply with one of the main conditions of the new U.S. stablecoin act, i.e. regular independent audits, Deloitte attests to the reserves on a monthly and annual basis.
“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.”
Nathan McCauley, CEO and Co-Founder of Anchorage Digital
At the same time, with all reliability involved, investors must understand that fUSD is not a deposit, not FDIC insured, and not guaranteed by the U.S. government.
fUSD rewards structure
The GENIUS Act prohibits stablecoin issuers from paying interest or yield directly to holders. However, fUSD holders are expected to gain some financial benefits. How is that even possible? Anchorage Digital Bank does not pay yield or rewards on fUSD, true. Meanwhile, Falcon Finance, as the name partner and a separate commercial entity, operates an institutional rewards program targeting approximately 3% per year.
This financial partner will also be a launch holder of fUSD, deploying a portion of its own corporate reserves into the stablecoin from day one. Thererefore, rewards will be paid by Falcon Finance under bilateral agreements with qualifying institutional holders. Eligibility for those requires a contractual relationship with Falcon.
“The OCC’s implementing regulations under the GENIUS Act aren’t fully finalized. That said, every operative element of the framework today, fUSD already reflects. It is issued by Anchorage Digital Bank (ADB), an OCC-chartered national bank – the issuer category the Act is built around. Reserves are GENIUS-eligible – cash and short-dated US Treasuries via eligible money market fund exposure, held in a segregated trust at the bank, with monthly third-party reserve attestations and 1:1 redemption against those reserves. When the implementing rules are finalized, ADB will follow the formal approval procedures the regulation prescribes.
The point is that fUSD is built to the standard from day one, not retrofitted to it once the rules are in force. That is why we are comfortable describing it as GENIUS-aligned rather than waiting for a label.”Artem Tolkachev, Chief RWA Officer, Falcon Finance
Infrastructure behind fUSD stablecoin
fUSD launches on Ceffu, an institutional custody and collateral platform. Ceffu’s existing client base includes trading firms and liquidity providers such as FalconX, Presto, Orderly, and exSat. Falcon Finance already uses Ceffu within the custody stack that underpins USDf, its overcollateralized synthetic dollar, which has $1.63 billion in circulating supply and ranks among the top ten stablecoins on Ethereum by market cap.
“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.”
Ian Loh, CEO of Ceffu
Crypto regulatory context where fUSD steps in
The launch of the new stablecoin follows the passage of the GENIUS Act in July 2025. The Digital Asset Market CLARITY Act is currently advancing through the U.S. Senate. Namely, the Senate banking committee voted for the bill 15:9 on May 14, largely divided by party policy lines. The legislation would still require at least 60 votes to pass the full Senate, meaning bipartisan support would likely be necessary before it could return to the House for another vote.
About the companies involved in the fUSD project
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. fUSD is its second dollar product alongside USDf.
fUSD is also one of several assets issued on Anchorage Digital’s platform. Besides fUSD, Anchorage Digital supports and issues such digital assets and stablecoins through its regulated platform: USDGO, USA₮ (U.S.-regulated version of Tether), USDtb, USDPT (stablecoin initiative connected to Western Union). Anchorage Digital also supports custody and infrastructure for a broad range of crypto assets beyond stablecoins, including world’s most popular crypto, i.e. Bitcoin & Ethereum.
Anchorage Digital is a crypto platform serving institutional clients across trading, staking, custody, governance, settlement, and stablecoin issuance. In addition to Anchorage Digital Bank N.A., the firm operates Anchorage Digital Singapore, licensed by the Monetary Authority of Singapore; Anchorage Digital NY, which holds a BitLicense from the New York Department of Financial Services; and Porto by Anchorage Digital, a self-custody wallet. Anchorage Digital Bank also offers fiat custody services through an FDIC-insured, licensed sub-custodian. The firm was founded in 2017 in San Francisco and has offices in New York, Porto, Singapore, and Sioux Falls. Investors include Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa. The company’s most recent valuation was $4.2 billion.
