FalconX, a U.S.-based digital asset prime brokerage, has announced full integration support for Ethena's USDe stablecoin across its institutional platform. This integration, effective September 2025, provides FalconX's approved institutional clients with comprehensive access to USDe through spot trading, derivatives, custody services, and over-the-counter (OTC) liquidity.
The integration enables three key capabilities: USDe can now be deployed as collateral for credit extensions and derivatives exposure; institutional clients gain full trading, holding, and management access for USDe within FalconX's platform; and approved institutions receive OTC access to USDe markets, enhancing trading flexibility and minimizing market slippage for large-volume trades.
FalconX will also provide liquidity in both USDe and ENA (Ethena's governance token) across bilateral, centralized, and decentralized trading venues. This move significantly expands institutional access to USDe, which currently ranks as the third-largest stablecoin by supply with a $12.5 billion market cap, trailing only USDT ($168B) and USDC ($72.5B) in the $297 billion stablecoin market.
Ethena's synthetic dollar strategy uses a delta-neutral basis approach to offer yield across DeFi and TradFi without relying on directional price exposure. The integration with FalconX follows other recent USDe expansions, including support on the Telegram Open Network and Hyperliquid ecosystem, further cementing USDe's role in bridging decentralized assets with institutional finance.