Our Cayman Islands Corporate and Finance teams recently acted as
Cayman Islands legal counsel to FalconX Holdings Limited
('FalconX') in connection with its $1bn secured lending
facility acting through an SPV with Ethena. The facility will allow
FalconX through the SPC to remain as lender of record on its
underlying loan book while deploying capital from the assets
backing USDe into overcollateralized institutional credit.
Through this partnership, FalconX has secured a new source of
capital to lend to its institutional clients, further strengthening
its position in the market as a leading institutional trading firm,
while providing Ethena access to reserves backing USDe that are not
dependent on futures trading.
The transaction was led on the corporate side by partner Melissa
Lim and associate Olivia
Fielding and on the finance side by partner Olga
Sologub and senior counsel Jessica
Mbanda, with further assistance from senior counsel Katie
Fleming and associate Yang
Shu, all based in our Cayman Islands office.
We acted alongside Cahill Gordon & Reindel LLP, who provided US
legal counsel to FalconX.
PRESS RELEASE
17 September 2026
Advising FalconX Holdings Limited On $1bn Warehouse Financing Partnership With Ethena
Walkers
Contributor
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FalconX Holdings Limited has secured a $1 billion secured lending facility with Ethena, enabling the institutional trading firm to maintain its loan book while deploying capital from USDe-backed assets into overcollateralized institutional credit.