FalconX and Ethena Launch $1B Secured Lending Facility

FalconX, the institutional crypto prime broker, announced on August 19, 2026, that it is operating a $1 billion secured lending facility with Ethena, deploying assets backing the USDe synthetic dollar into overcollateralized institutional credit through a bankruptcy-remote special purpose vehicle, marking one of the largest disclosed on-chain credit arrangements to date. According to the FalconX official announcement, the facility is structured through a special purpose vehicle, with FalconX serving as originator, servicer, and collateral manager. Loan collateral is held at qualified custodians, while Ethena holds a first-priority security interest over the SPV’s assets, per CoinDesk’s account of the arrangement.

Source: Coincu