Falcon Finance has launched a dollar-backed stablecoin, fUSD, through Anchorage Digital Bank's federally regulated platform. The stablecoin is backed by short-dated US Treasurys, cash, and repurchase agreements, designed for institutional trading, collateral, and treasury workflows. It will initially be used as collateral via Ceffu's MirrorRSV system.
Anchorage Digital issues fUSD with no yield on the token itself, while Falcon pays rewards to qualifying institutional holders through separate contracts-a structure aligned with proposed GENIUS Act rules.
Separately, SoFi rolled out SoFiUSD, the first stablecoin issued by a US national bank available on a consumer banking platform. It supports Ethereum and Solana, with plans for tokenized deposits, cross-border payments, and exchange listings on Bullish. SoFiUSD is redeemable 1:1 for USD and backed by liquid assets held by SoFi Bank.
The total stablecoin market cap now stands at approximately $322.6 billion, up 31% year-over-year.