Ethena and FalconX launch $1B USDe facility
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- Ethena and FalconX launched a $1 billion secured lending facility using USDe backing assets.
- FalconX will issue overcollateralised loans to institutional borrowers through a special purpose vehicle.
- Institutional lending already represented $310 million, or 6.9%, of USDe backing on July 3.
Ethena and FalconX launched a $1 billion secured lending facility using assets backing USDe (CRYPTO:USDE) for institutional loans.
FalconX will originate, assess and service the loans, while qualified custodians will hold the pledged collateral.
Borrowers must provide assets worth more than their loans, while Ethena retains a first-priority security interest over facility assets.
Neither company disclosed interest rates, loan durations, eligible collateral or minimum collateral ratios for the facility.
Ethena’s June governance report showed institutional loans accounted for about $310 million, or 6.9%, of USDe backing on July 3.
DeFi lending represented about $2 billion, or 46%, of USDe backing, while liquid stablecoins accounted for about 35%.
