FalconX launches SPV lending facility with Ethena 21 August 2026US Reporter: Matthew Challis
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FalconX, an institutional digital asset prime brokerage, has unveiled a US$1 billion secured lending facility through a special purpose vehicle (SPV) with Ethena, the issuer of synthetic US dollar USDe.
According to the firms, the initiative will deploy capital from the assets backing USDe into overcollateralised institutional credit.
The partnership seeks to bridge Ethena’s crypto-native liquidity with the institutional borrowing demand of FalconX to accelerate the integration of onchain capital into global credit markets.
Collateral from SPV-financed loans will be held at qualified custodians, with FalconX acting as originator, servicer, and collateral manager.
Commenting on the collaboration, Craig Birchall, head of credit at FalconX, says: “Institutional credit in the digital asset space is evolving rapidly, moving away from fragmented pools toward deeply integrated, secure capital structures.
“This partnership with Ethena is a significant milestone in that evolution, enabling FalconX to deliver flexible, overcollateralised financing solutions for everything from complex trading strategies and corporate treasury management to payment solutions.”
Guy Young, founder of Ethena Labs, adds: “Secured institutional lending is one of the largest and most durable sources of return in finance, and onchain capital has barely touched it.
“Partnering with FalconX, one of the most trusted prime brokers in the industry, gives us a secured, overcollateralised channel into institutional credit.”
This endeavour between the two firms builds on their existing relationship and reflects the shared aim of operating at scale as the demand for institutional borrowing increases.
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Image: dani/stock.adobe.com 