Ethena adds $1 billion FalconX facility to broaden USDe backing

Ethena has secured a $1 billion warehouse facility from FalconX, adding another source of returns for the assets that back USDe. According to CoinDesk, the arrangement is designed to move onchain capital into overcollateralized institutional loans while reducing reliance on crypto funding-rate income alone. The new facility gives Ethena an additional way to support the reserve structure behind USDe and diversify how those backing assets generate yield. The report frames the move as an expansion beyond crypto funding rates rather than a replacement, with FalconX providing the facility and institutional lending forming the channel through which capital is deployed. The article summary did not disclose further operating details, loan terms, or timing beyond the announcement.