Ethena and institutional prime broker FalconX established a $1 billion secured warehouse facility that deploys assets backing Ethena’s synthetic dollar USDe into overcollateralized institutional loans, diversifying returns beyond the crypto basis trade and its dependence on perpetual-futures funding rates. The arrangement uses a bankruptcy-remote special purpose vehicle, with FalconX originating and servicing loans and managing collateral at qualified third-party custodians, while Ethena holds a first-priority security interest. ENA subsequently rose 42.42% in 24 hours to $0.1383, breaking above $0.10 resistance and a multi-month descending trendline amid higher volume, broader altcoin rotation and separate bullish comments from BitMEX co-founder Arthur Hayes. Neither Ethena nor FalconX disclosed loan terms, expected returns or initial deployment, while Hayes’s macroeconomic scenario remains conditional on unannounced Federal Reserve policy changes and renewed USDe demand.