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Ethena and FalconX launch $1B secured warehouse facility for USDe
The secured lending will deploy USDe backing into overcollateralized institutional credit, aimed at providing returns less tied to perpetual-futures funding rates.
Ethena has unveiled a $1 billion secured warehouse facility with digital-asset prime broker FalconX to deploy assets backing USDe, the synthetic dollar, into overcollateralized institutional credit, according to CoinDesk.
The companies said the warehouse structure will use a bankruptcy-remote SPV, with FalconX originating and servicing the loans and keeping collateral with qualified custodians. Ethena will hold a first-priority security interest over the SPV assets.
CoinDesk reported that the setup is intended to add a return source for USDe beyond the crypto basis trade, where yields can drop sharply if perpetual-futures funding rates weaken. The announcement said those funding rates can compress or even turn negative when demand for leveraged crypto exposure fades.
FalconX will finance the overcollateralized loans for uses including trading strategies, corporate treasury management and payments. Ethena founder Guy Young said secured institutional lending is among finance’s most durable return sources, and the companies described the facility as one of the largest deployments of onchain capital into secured institutional credit to date.