According to CoinMeta, Ethena and FalconX have reached a $1 billion credit cooperation, involving the use of USDE as collateral in the institutional credit sector. The financing is intended to provide funds for the over-collateralized mortgages initiated by FalconX. The application scenarios include trading strategies, corporate financial management, and payments. The loan collateral is held by a third-party custodian. Ethena holds the first priority in terms of guarantee rights, while FalconX acts as the loan initiator, service provider, and collateral manager.