Anchorage and Falcon Launch fUSD, a GENIUS-Compliant Bank Stablecoin
Key facts Falcon Finance and Anchorage Digital Bank, N.A. launched fUSD on 27 May 2026, a US dollar payment stablecoin targeting regulated institutional clients including trading desks, treasury operations, and compliance-restricted counterparties. The token is deployed on Ceffu's institutional custody and collateral infrastructure. Institutional clients gain access to a compliant on-chain settlement asset on rails they already use for digital asset safekeeping and collateral management.
Anchorage Digital Bank serves as issuer and controls all minting and redemption of fUSD. The bank holds a national trust bank charter granted by the US Office of the Comptroller of the Currency (OCC) in 2021. It is the first federally chartered crypto bank in the United States.
"fUSD is built from the ground up for institutional use, and that's only possible because of our federal bank charter.", 27 May 2026.
— Nathan McCauley, CEO & Co-Founder, Anchorage Digital
fUSD backed 1:1 by Treasuries with Deloitte attestations, no yield paid by issuerfUSD reserves consist of cash, short-dated US Treasury bonds, and Treasury-backed repurchase agreements. Deloitte conducts monthly attestations on the reserve composition. Anchorage Digital Bank does not pay yield or interest on the token itself — a structure designed to align with the GENIUS Act, the federal payment stablecoin framework enacted on 18 July 2025, which restricts issuers from paying yield directly to holders.
The launch extends Falcon's product range beyond USDf, its synthetic dollar stablecoin with $1.63 billion in circulating supply at launch, according to Falcon Finance. While USDf uses crypto-native collateral and falls outside GENIUS Act scope, fUSD targets the separate segment of institutions operating under federal compliance mandates that require full Treasury backing and regulated bank issuance.
Qualified institutions can earn an estimated 3% annually through a separate Falcon Finance programQualified institutional holders can participate in a rewards program operated separately by Falcon Finance, targeting approximately 3% per year. The rewards are paid by Falcon under bilateral agreements with qualifying institutions and are not attached to fUSD itself. This arrangement separates token issuance, handled by Anchorage, from reward distribution, managed by Falcon — a split structured to comply with GENIUS Act restrictions on yield-bearing payment stablecoins.
"The desks we work with operate under compliance mandates that synthetic and offshore stablecoins were never designed to satisfy, and the regulated dollars they can hold today pay them nothing. fUSD closes both gaps.", 27 May 2026.
— Andrei Grachev, Founding Partner, Falcon Finance
Primary source: Falcon Finance official announcement — 27 May 2026 Anchorage Digital Bank serves as issuer and controls all minting and redemption of fUSD. The bank holds a national trust bank charter granted by the US Office of the Comptroller of the Currency (OCC) in 2021. It is the first federally chartered crypto bank in the United States.
"fUSD is built from the ground up for institutional use, and that's only possible because of our federal bank charter.", 27 May 2026.
— Nathan McCauley, CEO & Co-Founder, Anchorage Digital
fUSD backed 1:1 by Treasuries with Deloitte attestations, no yield paid by issuerfUSD reserves consist of cash, short-dated US Treasury bonds, and Treasury-backed repurchase agreements. Deloitte conducts monthly attestations on the reserve composition. Anchorage Digital Bank does not pay yield or interest on the token itself — a structure designed to align with the GENIUS Act, the federal payment stablecoin framework enacted on 18 July 2025, which restricts issuers from paying yield directly to holders.
The launch extends Falcon's product range beyond USDf, its synthetic dollar stablecoin with $1.63 billion in circulating supply at launch, according to Falcon Finance. While USDf uses crypto-native collateral and falls outside GENIUS Act scope, fUSD targets the separate segment of institutions operating under federal compliance mandates that require full Treasury backing and regulated bank issuance.
Qualified institutions can earn an estimated 3% annually through a separate Falcon Finance programQualified institutional holders can participate in a rewards program operated separately by Falcon Finance, targeting approximately 3% per year. The rewards are paid by Falcon under bilateral agreements with qualifying institutions and are not attached to fUSD itself. This arrangement separates token issuance, handled by Anchorage, from reward distribution, managed by Falcon — a split structured to comply with GENIUS Act restrictions on yield-bearing payment stablecoins.
"The desks we work with operate under compliance mandates that synthetic and offshore stablecoins were never designed to satisfy, and the regulated dollars they can hold today pay them nothing. fUSD closes both gaps.", 27 May 2026.
— Andrei Grachev, Founding Partner, Falcon Finance
Primary source: Falcon Finance official announcement — 27 May 2026 "fUSD is built from the ground up for institutional use, and that's only possible because of our federal bank charter.", 27 May 2026.
— Nathan McCauley, CEO & Co-Founder, Anchorage Digital
fUSD backed 1:1 by Treasuries with Deloitte attestations, no yield paid by issuerfUSD reserves consist of cash, short-dated US Treasury bonds, and Treasury-backed repurchase agreements. Deloitte conducts monthly attestations on the reserve composition. Anchorage Digital Bank does not pay yield or interest on the token itself — a structure designed to align with the GENIUS Act, the federal payment stablecoin framework enacted on 18 July 2025, which restricts issuers from paying yield directly to holders.
The launch extends Falcon's product range beyond USDf, its synthetic dollar stablecoin with $1.63 billion in circulating supply at launch, according to Falcon Finance. While USDf uses crypto-native collateral and falls outside GENIUS Act scope, fUSD targets the separate segment of institutions operating under federal compliance mandates that require full Treasury backing and regulated bank issuance.
Qualified institutions can earn an estimated 3% annually through a separate Falcon Finance programQualified institutional holders can participate in a rewards program operated separately by Falcon Finance, targeting approximately 3% per year. The rewards are paid by Falcon under bilateral agreements with qualifying institutions and are not attached to fUSD itself. This arrangement separates token issuance, handled by Anchorage, from reward distribution, managed by Falcon — a split structured to comply with GENIUS Act restrictions on yield-bearing payment stablecoins.
"The desks we work with operate under compliance mandates that synthetic and offshore stablecoins were never designed to satisfy, and the regulated dollars they can hold today pay them nothing. fUSD closes both gaps.", 27 May 2026.
— Andrei Grachev, Founding Partner, Falcon Finance
Primary source: Falcon Finance official announcement — 27 May 2026 fUSD backed 1:1 by Treasuries with Deloitte attestations, no yield paid by issuerfUSD reserves consist of cash, short-dated US Treasury bonds, and Treasury-backed repurchase agreements. Deloitte conducts monthly attestations on the reserve composition. Anchorage Digital Bank does not pay yield or interest on the token itself — a structure designed to align with the GENIUS Act, the federal payment stablecoin framework enacted on 18 July 2025, which restricts issuers from paying yield directly to holders.
The launch extends Falcon's product range beyond USDf, its synthetic dollar stablecoin with $1.63 billion in circulating supply at launch, according to Falcon Finance. While USDf uses crypto-native collateral and falls outside GENIUS Act scope, fUSD targets the separate segment of institutions operating under federal compliance mandates that require full Treasury backing and regulated bank issuance.
Qualified institutions can earn an estimated 3% annually through a separate Falcon Finance programQualified institutional holders can participate in a rewards program operated separately by Falcon Finance, targeting approximately 3% per year. The rewards are paid by Falcon under bilateral agreements with qualifying institutions and are not attached to fUSD itself. This arrangement separates token issuance, handled by Anchorage, from reward distribution, managed by Falcon — a split structured to comply with GENIUS Act restrictions on yield-bearing payment stablecoins.
"The desks we work with operate under compliance mandates that synthetic and offshore stablecoins were never designed to satisfy, and the regulated dollars they can hold today pay them nothing. fUSD closes both gaps.", 27 May 2026.
— Andrei Grachev, Founding Partner, Falcon Finance
Primary source: Falcon Finance official announcement — 27 May 2026 fUSD reserves consist of cash, short-dated US Treasury bonds, and Treasury-backed repurchase agreements. Deloitte conducts monthly attestations on the reserve composition. Anchorage Digital Bank does not pay yield or interest on the token itself — a structure designed to align with the GENIUS Act, the federal payment stablecoin framework enacted on 18 July 2025, which restricts issuers from paying yield directly to holders.
The launch extends Falcon's product range beyond USDf, its synthetic dollar stablecoin with $1.63 billion in circulating supply at launch, according to Falcon Finance. While USDf uses crypto-native collateral and falls outside GENIUS Act scope, fUSD targets the separate segment of institutions operating under federal compliance mandates that require full Treasury backing and regulated bank issuance.
Qualified institutions can earn an estimated 3% annually through a separate Falcon Finance programQualified institutional holders can participate in a rewards program operated separately by Falcon Finance, targeting approximately 3% per year. The rewards are paid by Falcon under bilateral agreements with qualifying institutions and are not attached to fUSD itself. This arrangement separates token issuance, handled by Anchorage, from reward distribution, managed by Falcon — a split structured to comply with GENIUS Act restrictions on yield-bearing payment stablecoins.
"The desks we work with operate under compliance mandates that synthetic and offshore stablecoins were never designed to satisfy, and the regulated dollars they can hold today pay them nothing. fUSD closes both gaps.", 27 May 2026.
— Andrei Grachev, Founding Partner, Falcon Finance
Primary source: Falcon Finance official announcement — 27 May 2026 The launch extends Falcon's product range beyond USDf, its synthetic dollar stablecoin with $1.63 billion in circulating supply at launch, according to Falcon Finance. While USDf uses crypto-native collateral and falls outside GENIUS Act scope, fUSD targets the separate segment of institutions operating under federal compliance mandates that require full Treasury backing and regulated bank issuance.
Qualified institutions can earn an estimated 3% annually through a separate Falcon Finance programQualified institutional holders can participate in a rewards program operated separately by Falcon Finance, targeting approximately 3% per year. The rewards are paid by Falcon under bilateral agreements with qualifying institutions and are not attached to fUSD itself. This arrangement separates token issuance, handled by Anchorage, from reward distribution, managed by Falcon — a split structured to comply with GENIUS Act restrictions on yield-bearing payment stablecoins.
"The desks we work with operate under compliance mandates that synthetic and offshore stablecoins were never designed to satisfy, and the regulated dollars they can hold today pay them nothing. fUSD closes both gaps.", 27 May 2026.
— Andrei Grachev, Founding Partner, Falcon Finance
Primary source: Falcon Finance official announcement — 27 May 2026 Qualified institutional holders can participate in a rewards program operated separately by Falcon Finance, targeting approximately 3% per year. The rewards are paid by Falcon under bilateral agreements with qualifying institutions and are not attached to fUSD itself. This arrangement separates token issuance, handled by Anchorage, from reward distribution, managed by Falcon — a split structured to comply with GENIUS Act restrictions on yield-bearing payment stablecoins.
"The desks we work with operate under compliance mandates that synthetic and offshore stablecoins were never designed to satisfy, and the regulated dollars they can hold today pay them nothing. fUSD closes both gaps.", 27 May 2026.
— Andrei Grachev, Founding Partner, Falcon Finance
Primary source: Falcon Finance official announcement — 27 May 2026 "The desks we work with operate under compliance mandates that synthetic and offshore stablecoins were never designed to satisfy, and the regulated dollars they can hold today pay them nothing. fUSD closes both gaps.", 27 May 2026.
— Andrei Grachev, Founding Partner, Falcon Finance
Primary source: Falcon Finance official announcement — 27 May 2026 Primary source: Falcon Finance official announcement — 27 May 2026 Primary source: Falcon Finance official announcement — 27 May 2026 Cryptocurrencies are highly volatile and involve significant risk. You may lose part or all of your investment. All information on Coinpaprika is provided for informational purposes only and does not constitute financial or investment advice. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions. Coinpaprika is not liable for any losses resulting from the use of this information.