Ethena and digital-asset prime broker FalconX have established a $1 billion secured warehouse facility to deploy assets backing USDe into overcollateralized institutional loans. FalconX will originate, service and manage the collateral for loans used in trading strategies, corporate treasury management and payments. The arrangement gives Ethena an additional source of returns beyond perpetual-futures funding rates. Collateral will be held by qualified third-party custodians, with Ethena holding a first-priority security interest over the facility’s assets.