Anchorage Digital has officially issued fUSD, a US dollar payment stablecoin developed in partnership with Falcon Finance. The stablecoin went live recently this month, representing a significant expansion in regulated digital asset offerings tailored specifically for institutional participants in trading, collateral management, and treasury operations. This launch bridges Falcon Finance’s expertise in crypto-native synthetic dollars with the oversight of a federally chartered bank.
Falcon Finance had previously some gained attention through USDf, its over-collateralized synthetic stablecoin optimized for decentralized finance applications.
In contrast, fUSD serves as a fully regulated counterpart, providing institutions with a compliant digital dollar backed by high-quality reserves and issued under direct federal supervision—the first such arrangement of its kind on Anchorage’s platform.
fUSD maintains a 1:1 peg to the US dollar through reserves consisting of short-term U.S. Treasuries, cash holdings, and Treasury-backed repurchase agreements.
These assets align with the GENIUS Act framework for payment stablecoins, enacted in July 2025, which establishes clear standards for issuance, transparency, and risk management.
Independent attestations by Deloitte on a monthly and annual basis further bolster confidence in the reserve quality.
The structure emphasizes asset protection, combined with robust anti-money laundering (AML) and know-your-customer (KYC) protocols managed through Anchorage’s infrastructure.
Nathan McCauley, Co-Founder and CEO of Anchorage Digital, highlighted the milestone: the introduction of fUSD advances the development of stablecoin systems that institutions require.
He noted that digital dollars must now address specific operational needs while operating within well-defined regulatory boundaries.
Anchorage’s federal bank charter uniquely positions the firm to deliver these solutions, enabling secure and compliant issuance alongside partners like Falcon Finance.
At rollout, fUSD integrates as collateral through Ceffu’s MirrorRSV platform.
This setup allows institutional traders to maintain assets in qualified custody while utilizing them effectively in trading strategies, without needing to transfer funds out of secure environments.
The approach addresses a key pain point for compliance-focused entities seeking seamless integration across trading venues and collateral workflows.
Andrei Grachev, Founding Partner at Falcon Finance, emphasized the practical benefits: institutions now gain access to a regulated dollar instrument designed around real-world trading desks, collateral requirements, and treasury functions.
The collaboration with Anchorage provides the robust issuance foundation that regulated counterparties demand.
Falcon Finance has built a strong track record with USDf, which boasts substantial circulating supply and ranks among leading stablecoins on Ethereum.
By extending into federally supervised issuance, the firm broadens its reach to serve entities operating under strict compliance mandates.
Together, the partners envision stablecoin infrastructure that combines speed, programmability, and enduring regulatory resilience.
For Anchorage Digital, this partnership reinforces its leadership in U.S. stablecoin issuance.
The company, home to the nation’s federally chartered crypto bank, supports institutions through a comprehensive suite of services including custody, settlement, and digital asset participation.
Backed by investors such as Andreessen Horowitz, Goldman Sachs, and Visa, Anchorage continues to drive innovation at the intersection of traditional finance and blockchain technology. The launch of fUSD illustrates the maturing landscape of institutional digital finance. Regulated stablecoins are set to enhance efficiency in treasury management, collateral posting, cross-border settlements, and broader money movement.