Ethena and FalconX Launch $1B Institutional Credit Facility

Ethena and FalconX launch ＄1B warehouse financing facility for institutional credit

Ethena and digital asset prime brokerage FalconX have announced a ＄1 billion secured warehouse financing facility, deploying assets backing USDe into overcollateralized institutional loans. Loan proceeds support use cases including trading strategies, corporate treasury management, and payment solutions. Under the arrangement, FalconX acts as originator, servicer, and collateral manager, with collateral held at qualified custodians and Ethena holding a first-priority security interest in the related assets. The facility is designed to help Ethena reduce its reliance on perpetual swap funding-rate yields and broaden the return sources on the assets backing USDe.

See announcement: https://www.falconx.io/newsroom/falconx-partners-with-ethena-on-1-billion-warehouse-financing-facility-to-expand-institutional-lending-capacity

Coinbase brings Hyperliquid perpetuals to Base App

Coinbase announced that Hyperliquid perpetual futures trading is now available in Base App, letting eligible users trade more than 290 perpetual markets covering BTC, ETH, equities and commodities-related markets, with leverage up to 50x and execution handled by Hyperliquid. Coinbase noted that perpetuals account for roughly 75% of current crypto trading volume and rank among the most requested features by Base App's active users.

The product is not offered in the US, UK, Canada, or other jurisdictions that restrict leveraged crypto derivatives. The launch continues Base App's shift from an early focus on social and creator features toward trading, payments and AI agents as its core product direction.

See announcement: https://x.com/baseapp/status/2090122188074491951

South Korea confirms taxes on crypto gains from self-custody wallets and overseas exchanges

South Korea's Ministry of Economy and Finance and the National Tax Service reiterated that income from transferring or lending digital assets held in personal self-custody wallets and overseas exchanges is, in principle, taxable, regardless of where the assets are held or how they are traded. The country's crypto tax, planned as "other income," carries a ＄2,500,000 KRW deduction threshold and a 20% rate, and is scheduled to take effect on January 1, 2027.

To address the difficulty of tracking personal wallets, the tax agency said it will introduce on-chain transaction tracking and analysis tools to close the collection gap. For overseas exchanges, it plans to gather trading data through the foreign financial account reporting system and the Crypto-Asset Reporting Framework (CARF) automatic information exchange mechanism. The two ministries are also reviewing the taxation standards for staking, lending, airdrops and hard-fork proceeds, but say it is currently difficult to reasonably estimate the specific revenue scale of the tax.

About 1Token:

1Token is a digital asset investment management platform providing Crypto PMS, RMS, and Portfolio Accounting Software, managing over $20 billion in assets for more than 100 clients worldwide.

All-in-one support designed for allocators, portfolio managers, treasury managers and fund operations and accountants, seeking transparency and control.

• Front office (portfolio managers and traders) to view live position and exposure, calculate trading PnL and historical performance.
• Middle office (ops and risk) to maintain portfolios and API accounts, book OTC trades, monitor risk metrics and analyze VaR/STV, generate shadow NAV with investor subscription/redemption/dividend.
• Back office (admin and auditors) to collect and reconcile trades, generate valuation and PnL reporting under FIFO/WAC tax strategy.