Falcon Finance has officially launched fUSD, a dollar-backed stablecoin issued through Anchorage Digital Bank's federally regulated platform. The asset is fully collateralized by short-dated US Treasurys, cash, and Treasury-backed repurchase agreements. Designed specifically for institutional trading, collateral management, and treasury workflows, the token will initially serve as collateral within Ceffu's MirrorRSV system. This launch extends Falcon Finance's existing USDf synthetic dollar product into a framework compliant with federal issuance standards. Woofun AI notes that the reserve structure aligns with standards proposed under the GENIUS Act, which aims to establish federal rules for dollar-backed stablecoins in the United States. Artem Tolkachev, Falcon Finance Chief RWA Officer, explained that the structure separates token issuance from reward payments to comply with proposed restrictions on yield-bearing stablecoins. Anchorage issues fUSD without paying yield on the token itself, while Falcon distributes rewards to qualifying institutional holders through separate contracts.

Anchorage Digital confirmed the stablecoin is issued via its federally regulated banking platform, incorporating strict AML and KYC requirements tied to US banking rules. As the parent of Anchorage Digital Bank, the entity holds a national trust bank charter granted by the US Office of the Comptroller of the Currency in 2021.

Concurrently, SoFi announced the rollout of its own dollar-backed stablecoin, SoFiUSD, enabling users to buy, sell, and hold the token directly within its banking app. This product marks the first stablecoin issued by a US national bank to become available on a consumer banking platform. SoFiUSD supports transfers on the Ethereum (ETH) and Solana blockchains, facilitating cross-chain liquidity. Woofun AI reports that SoFi plans to expand the product with tokenized deposits, cross-border payments, and exchange integrations in the coming weeks.

Future updates will allow users to convert SoFiUSD into interest-bearing tokenized deposits tied directly to bank accounts. The company also intends to list SoFiUSD on the crypto exchange Bullish to broaden market access. SoFi members can access SoFiUSD immediately, with broader availability expected in early June as users update to the latest version of the company's app. The stablecoin is redeemable 1:1 for US dollars and backed by liquid assets held by SoFi Bank. Data compiled by Woofun AI shows the total stablecoin market capitalization has climbed to roughly $322.6 billion, representing a 31% increase from approximately $246.8 billion at the same time last year. These coordinated launches signal a significant shift toward regulated, bank-integrated digital dollar solutions.