FalconX integrates Ethena’s USDe across spot, derivatives, and custody, expanding institutional stablecoin access worldwide.
FalconX has announced the integration of Ethena Labs’ USDe, now the third-largest stablecoin by supply, across its institutional platform. This move allows approved clients to access spot, derivatives, and custody services with USDe, offering new options for liquidity and collateral management.
Expanded Access for Institutional Clients
FalconX stated that institutional clients can now use USDe across multiple services, including over-the-counter (OTC) liquidity and collateral for select credit and derivatives transactions. The support will be delivered through FalconX’s infrastructure, which is designed for professional investors and global trading firms.
We’re excited to announce support for @ethena_labs's USDe – the 3rd-largest stablecoin by supply – across spot, derivatives, and custody.
Institutional clients can now:
✓ Access OTC liquidity for USDe
✓ Use USDe as collateral in select credit & derivatives transactions
✓… pic.twitter.com/okOq0QyXPJ— FalconX (@FalconXGlobal) September 4, 2025
Joshua Lim, Global Co-Head of Markets at FalconX, said, “Ethena is pioneering a new category of internet-native money. We are proud to support USDe on our platform and bring institutional-grade infrastructure to this next wave of stablecoin adoption.”
This step builds on FalconX’s role as a digital asset prime brokerage with services covering trading, liquidity access, and custody. The company has established itself as a provider of institutional-grade solutions that connect traditional financial participants with digital assets.
Ethena’s Stablecoin Strategy
USDe has grown into the third-largest stablecoin by supply, supported by a delta-neutral basis strategy. This approach aims to generate yield that can be portable across decentralized finance (DeFi) and traditional finance (TradFi). By securing a listing on FalconX, Ethena gains a new distribution channel for institutions that seek access to stable and liquid assets.
Guy Young, Founder of Ethena Labs, noted, “We are excited to be working with one of the leading institutional liquidity providers in the space to broaden access to USDe for their client base. FalconX has a long history of providing innovative solutions to maximize capital efficiency for their clients and we are excited to support their platform with a unique product offering.”
The collaboration reflects efforts to strengthen the bridge between onchain financial tools and institutional demand for stable assets. It also brings Ethena’s product into markets where reliable trading infrastructure is essential.
Broader Market Participation
In addition to supporting USDe across spot, derivatives, and custody, FalconX will provide market liquidity for USDe and Ethena’s governance token ENA. This liquidity will be available across selected bilateral trading channels as well as centralized and decentralized venues.
The partnership is expected to improve capital efficiency for institutions by creating new ways to use USDe as collateral. It also offers clients the ability to tap into FalconX’s network of global liquidity and regulated market access.
FalconX has continued to expand its services while remaining active across multiple jurisdictions, with offices in Silicon Valley, New York, London, Hong Kong, Bengaluru, Singapore, and Valletta. The company is backed by investors such as Accel, American Express Ventures, Tiger Global Management, and GIC. Its affiliate, FalconX Bravo, was the first CFTC-registered swap dealer focused on cryptocurrency derivatives.
