Anchorage Digital, a US federally chartered crypto bank operating under OCC supervision, is expanding its service offerings by partnering with stablecoin protocol Frgmnt. The deal grants institutional clients direct access to hold, mint, redeem, and stake fUSD alongside its yield-bearing derivative, sfUSD. Clients can execute this entire transaction lifecycle directly within Anchorage’s custody ecosystem without needing to build separate storage infrastructure.
The fUSD token operates on the Base layer-2 network. The asset is fully backed by USDC, with collateral deployed directly into various on-chain lending markets to generate interest. When Anchorage clients stake fUSD, they receive sfUSD, which offers an annual percentage rate (APR) of 13.32% as of September 4. This yield is dynamic and fluctuates based on supply and demand dynamics across underlying lending markets.
Scale Disparity Between Partners
The partnership brings together two entities of vastly different sizes. Anchorage is a $4.2 billion institution that recently secured a $100 million investment from Tether in February. In contrast, DeFiLlama data shows Frgmnt’s total value locked (TVL) currently hovers around $100,000.
Frgmnt is currently operating in a strictly invite-only, limited beta phase. This closed period is scheduled to conclude on September 15, when the protocol plans to open public access and raise its maximum deposit caps.
Not Its First Stablecoin Move
The Frgmnt integration expands Anchorage’s existing suite of yield and stablecoin services. The bank previously enabled Solana staking through a partnership with Marinade Finance, TRX staking, and a cross-border payment settlement corridor for the Mexican market alongside Grupo Salinas. Its ties with major stablecoin issuers are already well-established. In January, Tether specifically tapped Anchorage to issue USAt - a stablecoin variant designed to comply with US regulations under the GENIUS Act framework.
For institutional fund managers, the new offering serves as a tactical bridge. It grants direct access to yield-generating instruments on Base while keeping all operational workflows safeguarded behind a federally chartered bank’s strict security. Reported by Cointelegraph.
Also read: What Is DeFi (Decentralized Finance)?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
