According to CoinMeta, Ethena and FalconX have announced the launch of a $1 billion security vault facility to introduce new sources of income for assets that support the synthetic US dollar USDE. This facility converts reserve assets into income through over-collateralized institutional lending channels, rather than relying primarily on permanent futures funding rates. FalconX will be responsible for initiating, servicing, and managing the collateral, while qualified third-party custodians will ensure the safety of the assets. This agreement expands on Ethena's institutional lending strategy, which already includes asset management for Anchorage Digital, Maple Institutional, and Coinbase. As of July 3, these lending positions accounted for approximately $310 million of the $310 million supported by USDE, which is about 6.9%.