Ethena said it has appointed FalconX as an institutional lending partner and will provide a revolving senior secured credit facility through a FalconX lending vehicle, adding an overcollateralized stablecoin credit arrangement to the assets backing its synthetic dollar business. Under the structure described in an Aug. 4 legal review by LlamaRisk and referenced by Ethena on Aug. 14, FalconX International Lending Opportunities SPC will act for FalconX International Lending Opportunities SP 1, a segregated portfolio in the Cayman Islands, using Ethena's capital to acquire crypto-backed institutional loan receivables from FalconX originators. Ethena will hold a first-priority security interest over the vehicle's assets, while daily reporting is designed to let it monitor loan-level data and related collateral wallets. The companies did not disclose the facility size, pricing, duration, collateral ratios, eligible collateral or expected returns. The deal expands an institutional lending program Ethena began building earlier in 2026 with Anchorage Digital, Maple Institutional and Coinbase Asset Management. Governance records showed institutional lending accounted for about $310 million, or 6.9%, of USDe backing on July 3, with estimated annual percentage yield on that segment of 4% to 7%. The arrangement also follows a broader shift in USDe reserves toward DeFi lending, liquid stablecoins and tokenized real-world assets, while crypto basis positions have fallen to about 1% of backing.