Falcon Finance and SoFi launch dollar stablecoins through regulated banking channels

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Falcon, SoFi stablecoin launch

Highlights

Falcon Finance launched its fUSD stablecoin via Anchorage Digital Bank’s federally regulated platform, using U.S. Treasurys and cash as reserves, initially for Ceffu’s MirrorRSV collateral system.
SoFi introduced SoFiUSD, the first stablecoin issued by a U.S. national bank for consumer banking use, supporting purchases and redemptions 1:1 with U.S. dollars through its app with Ethereum and Solana integrations.
DeFiLlama data show stablecoin market capitalization rose 31% year-over-year to $322.6 billion, reflecting rapid sector growth amid increased regulatory alignment.

Bank-backed issuance and product rollout

As reported by Cointelegraph, Falcon Finance launched its dollar-backed stablecoin fUSD through Anchorage Digital Bank’s federally regulated issuance platform in a Wednesday announcement. The companies say the token is backed by short-dated U.S. Treasurys, cash and Treasury-backed repurchase agreements, and is initially set for use as collateral through Ceffu’s MirrorRSV system.

Falcon says the product extends its existing USDf synthetic dollar into a federally regulated issuance model. The companies also say the reserve structure is designed to align with standards proposed under the GENIUS Act, which would create federal rules for dollar-backed stablecoins in the United States.

Falcon Finance Chief RWA Officer Artem Tolkachev said the structure separates token issuance from reward payments to address proposed restrictions on yield-bearing stablecoins. He said Anchorage issues fUSD without paying yield on the token itself, while Falcon provides rewards to qualifying institutional holders through separate contracts.

In a separate Wednesday announcement, SoFi says it is rolling out its own dollar-backed stablecoin, SoFiUSD, inside its banking app. The company says the product is the first stablecoin issued by a U.S. national bank to become available on a consumer banking platform, with transfers supported on Ethereum and Solana.

SoFi says users can buy, sell and hold the token directly in the app starting Wednesday, with broader availability expected in early June as customers update to the latest version. The company says SoFiUSD is redeemable 1:1 for U.S. dollars and backed by liquid assets held by SoFi Bank.

Stablecoin market growth and regulatory implications

Anchorage Digital says fUSD is issued through its federally regulated banking platform, which includes AML and KYC requirements tied to U.S. banking rules. The company is the parent of Anchorage Digital Bank, which received a national trust bank charter from the U.S. Office of the Comptroller of the Currency in 2021.

SoFi says it plans to expand SoFiUSD in the coming weeks with tokenized deposits, cross-border payments and exchange integrations. Future updates are expected to let users convert the stablecoin into interest-bearing tokenized deposits linked to bank accounts, and the company also plans to list SoFiUSD on crypto exchange Bullish.

The launches come as the broader stablecoin sector continues to expand. Data from DeFiLlama show total stablecoin market capitalization has climbed to about $322.6 billion, up roughly 31% from around $246.8 billion at the same time last year.

In our earlier article on SoFi’s SoFiUSD stablecoin launch, we noted that SoFi became the first U.S. national bank to introduce a stablecoin directly inside its retail banking app, instantly reaching a large user base. We also highlighted the company’s improving business momentum and the key technical levels traders were watching, with the SoFiUSD rollout framed as a major step in mainstream digital-asset integration.

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