Falcon Finance and Anchorage Digital Bank, N.A. are rolling out fUSD, a stablecoin designed from the ground up to comply with the GENIUS Act. Anchorage — the first federally chartered crypto bank in the U.S., under OCC supervision — will issue the token, while Falcon Finance will offer rewards to qualifying institutional holders through separate bilateral agreements. The move marks the first time a U.S. federal bank has issued a stablecoin under the 2025 federal framework.
Why the GENIUS Act matters for fUSD
The GENIUS Act, enacted July 18, 2025, sets a federal standard for payment stablecoins. Among its key restrictions: issuers can't pay interest or yield directly to holders. That's where the structure gets interesting. Anchorage issues fUSD and handles custody, but it's Falcon Finance — not the bank — that can offer rewards. Under separate bilateral agreements, qualified institutions can earn roughly 3% per year on their holdings. The setup keeps the bank on the right side of the law while still giving big holders a reason to park cash in the token.
How the yield works
Anchorage Digital Bank is attested monthly by Deloitte, so fUSD's reserves get regular third-party checks. But the yield isn't baked into the token itself. Falcon Finance, which already has $1.63 billion in USDf circulating supply, will offer rewards to eligible institutions via side letters. That means the roughly 3% annual return isn't guaranteed for everyone — it's a product Falcon sells separately. The bank isn't touching it, and the GENIUS Act isn't touched either.
Who's behind the infrastructure
FUSD will launch on Ceffu's institutional custody and collateral infrastructure. Ceffu's platform is already used by trading firms and liquidity providers including FalconX, Presto, and Orderly. Ian Loh, CEO of Ceffu, said the integration gives fUSD a ready-made pipeline of institutional users who need collateral and settlement. Andrei Grachev is Founding Partner of Falcon Finance; Nathan McCauley is CEO and Co-Founder of Anchorage Digital.
What happens next
Falcon Finance will be a launch holder of fUSD, putting a portion of its own corporate reserves into the stablecoin from day one. That's a vote of confidence — and a practical use case for the token beyond just trading pairs. With over $320 billion in dollar stablecoins in circulation and short-dated Treasury yields near 4%, holders collectively forgo more than $10 billion a year in potential returns. fUSD is angling to capture some of that forgone yield for institutions that can't easily access Treasury bills. Whether that's enough to move the needle depends on how many firms qualify for the separate reward agreements — and how quickly regulators watch the lines between bank and non-bank offerings.
