FalconX Partners with Ethena on $1 Billion Warehouse Financing Facility to Expand Institutional Lending Capacity
NEW YORK, August 19, 2026 -- FalconX, a leading institutional digital asset prime brokerage, today announced a $1 billion secured lending facility through an SPV with Ethena, which will deploy capital from the assets backing USDe into overcollateralized institutional credit.
By bridging Ethena’s crypto-native liquidity with FalconX’s institutional borrowing demand, the facility accelerates the integration of on-chain capital into global credit markets. This launch reinforces FalconX’s position as the premier conduit between on-chain and traditional financial markets.
For Ethena, the facility provides access to overcollateralized institutional lending, delivering a stable return stream that extends beyond traditional crypto basis strategies. Loans financed through the facility have collateral held at qualified custodians with FalconX acting as originator, servicer, and collateral manager.
“Institutional credit in the digital asset space is evolving rapidly, moving away from fragmented pools toward deeply integrated, secure capital structures,” said Craig Birchall, Head of Credit at FalconX. “This partnership with Ethena is a significant milestone in that evolution, enabling FalconX to deliver flexible, overcollateralized financing solutions for everything from complex trading strategies and corporate treasury management to payment solutions. We look forward to working closely with the Ethena team as we pioneer capital-efficient credit channels across the digital asset ecosystem.”
“Secured institutional lending is one of the largest and most durable sources of return in finance, and on-chain capital has barely touched it,” said Guy Young, founder of Ethena Labs. “Partnering with FalconX, one of the most trusted prime brokers in the industry, gives us a secured, overcollateralized channel into institutional credit. It's a meaningful step toward on-chain dollars becoming a permanent part of traditional finance.”
The agreement builds on an existing relationship between the two firms, including FalconX’s support for USDe across its institutional trading and financing ecosystem. It marks one of the largest deployments of on-chain capital into secured institutional credit to date, and reflects a strategy both firms expect to scale as institutional borrowing demand grows.
About FalconX
FalconX is a leading digital asset prime brokerage for the world’s top institutions. We provide comprehensive access to global digital asset liquidity and a full range of trading and financing services. Our 24/7 dedicated team for account, operational and trading needs enables investors to navigate markets around the clock. FalconX Bravo, Inc., a FalconX affiliate, was the first CFTC-registered swap dealer focused on cryptocurrency derivatives.
FalconX is backed by investors including Accel, Adams Street Partners, Altimeter Capital, American Express Ventures, B Capital, GIC, Lightspeed Venture Partners, Sapphire Ventures, Thoma Bravo, Tiger Global Management and Wellington Management. FalconX has offices in Silicon Valley, New York, London, Hong Kong, Bengaluru, Singapore and Valletta. For more information visit falconx.io or follow FalconX on X and LinkedIn.
"FalconX" is a marketing name for the FalconX Group and its affiliates. Availability of products and services is subject to jurisdictional limitations and FalconX entity capabilities. For more information about which legal entities offer particular products and services, please see the disclosure on our public website, incorporated herein, or reach out to your relationship contact.
About Ethena
Ethena Labs is the creator of USDe and USDtb and a contributor to the Ethena protocol. Ethena's USDe is the fastest growing USD-denominated crypto asset in history, with integrations across some of the largest centralized exchanges and major DeFi applications. Ethena is backed by Fidelity, Franklin Templeton, Dragonfly, Binance Labs, Bybit, and OKX among others.
This material is for informational purposes only and is only intended for sophisticated or institutional investors. Neither FalconX Limited, FalconX Bravo, Inc., FalconX Delta, Inc., FalconX Foxtrot Pte Ltd., FalconX Golf Pte Ltd., Solios, Inc., Falcon Labs, Ltd., KestrelX, Ltd. nor Banzai Pipeline Limited service retail counterparties, and the information in this material is NOT intended for retail investors. This material is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of FalconX or any of its affiliates. Any information contained in this material is not and should not be regarded as investment advice, investment research, debt research, or derivatives research for the purposes of the rules of the CFTC or any other relevant regulatory body.
Prior to entering into any proposed transaction, recipients should determine, in consultation with their own investment, legal, tax, regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory and accounting characteristics and consequences of the transaction. Pursuant to the Dodd-Frank Act, over the counter derivatives are only permitted to be traded by "eligible contract participants" (“ECP”s) as defined under Section 1a(18) of the CEA (7 U.S.C. § 1a(18)). Do not consider derivatives or structured products unless you are an ECP and fully understand and are willing to assume the risks.
Solios, Inc. and FalconX Delta, Inc. are registered as federal money services businesses with FinCEN. FalconX Bravo, Inc. is registered as a Swap Dealer with the U.S. Commodities Futures Trading Commission and is a member of the National Futures Association. FalconX Limited, FalconX Bravo, Inc., FalconX Delta, Inc., Falcon Labs Ltd., and Solios, Inc. are not registered with the Securities & Exchange Commission or the Financial Industry Regulatory Authority. FalconX Golf Pte. Ltd. is not required to be registered or licensed by the Monetary Authority of Singapore (MAS). MAS has granted FalconX Foxtrot Pte. Ltd. a temporary exemption from holding a license under the PSA for the payment services caught under the expanded scope of regulated activities for a specified period. FalconX Limited is licensed by the MFSA as a Class 2 Crypto-Asset Service Provider (Regulation (EU) 2023/1114). It is also licensed as a Financial Institution (Cap. 376) exclusively for EMT payment services.
"FalconX" is a marketing name for the FalconX Group and its affiliates. Availability of products and services is subject to jurisdictional limitations and capabilities of each FalconX entity. For information about which legal entities offer trading products and services, or if you are considering entering into a derivatives transaction, please reach out to your Sales or Trading representative.
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