Overview
- Falcon Finance, Anchorage Digital Bank and Ceffu launched fUSD as a regulated U.S. dollar stablecoin that targets institutional trading, collateral and treasury desks.
- The issuer is Anchorage Digital Bank and each fUSD is claimed to be backed one‑for‑one by cash, short‑dated U.S. Treasuries and Treasury‑backed repo held under federal supervision.
- Deloitte will attest the reserves on a monthly and annual basis and Ceffu provides the institutional custody, staking and collateral rails for the token.
- To comply with the GENIUS Act and avoid paying embedded yield, the fUSD token itself carries no interest while Falcon Finance runs a separate bilateral rewards program that aims to return roughly 3% to qualifying institutional holders.
- Falcon will act as a launch holder and the product could prompt other issuers to rethink how Treasury income is allocated to institutional users and how regulated stablecoins plug into trading and treasury workflows.