In a statement, Falcon Finance said the funding will accelerate a push to advance its operations to allow for “seamless conversions” between its stablecoin and another backed by World Liberty.
The stablecoin, Falcon USD, or USDf, reached $1 billion in circulation on Tuesday, media reports have said. Falcon Finance, which oversees a platform that lets users swap tokens, released a roadmap earlier this week in which it laid out plans to become a financial institution that connects “traditional banking, centralized crypto and decentralized finance.”
The World Liberty investment comes at a “key moment” for Falcon Finance, said Managing Partner Andrei Grachev.
“As we expand USDf across new markets and connect to more real-world assets, we are focused on building stable, reliable tools that can move across chains and platforms,” Grachev said.
“Partnering with [World Liberty] allows us to link synthetic and fiat-backed digital dollars in a way that serves both retail users and institutional systems. It brings us closer to our goal of making USDf part of everyday financial infrastructure.”
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Meanwhile, World Liberty, which is targeting delivering a system that allows people to access financial services without intermediaries such as banks, first launched in March USD1 — a dollar-pegged stablecoin backed by dollar deposits, U.S. Treasuries and other cash equivalents.
World Liberty co-founder Zak Folkman said the partnership with Falcon Finance “represents a significant step forward” in its mission to build a “comprehensive decentralized finance ecosystem.”
USD1 has rapidly grown in notoriety, garnering a market capitalization of around $2.18 billion, according to CoinMarketCap data. However, USD1 — one of a host of crypto ventures related to the Trump family — has been at the center of transactions which have drawn criticism from government ethics experts and the president’s political opponents over perceived conflicts of interest.
So-called “stablecoins” like USDC and Tether have grown in popularity in recent years, becoming a crucial mechanism in the multi-trillion dollar crypto industry which helps move funds between other digital tokens or into cash. Issuers can earn money by accruing interest from the assets which underpin stablecoins.
