Falcon Finance rolls out synthetic dollar USDf fiat conversion service via partnerships

Falcon Finance, the issuer of the synthetic dollar USDf, said on the 23rd it has launched a service that allows USDf holders to convert instantly into fiat currencies by integrating with regulated payments infrastructure.

Through collaborations with electronic money institution Altery and payment provider Synterra Connect, Falcon Finance said it has integrated USDf into an “infrastructure for converting between virtual assets (crypto) and fiat currencies.”

Altery, an e-money institution authorized by the UK Financial Conduct Authority (FCA), will be responsible for safeguarding client funds in segregated protection accounts. Synterra Connect, a payment provider registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), will handle the “on- and off-ramps” between virtual assets and fiat currencies. Falcon Finance and USDf operate in a structure separated from these regulated payment services.

With the integration, USDf holders can send tokens to a Synterra Connect address to convert them into fiat currencies such as the British pound (GBP), euro (EUR) and US dollar (USD), with the converted funds credited directly to an Altery account. Funds can then be transferred via regulated financial infrastructure including international remittance networks such as SEPA and SWIFT, local bank transfers and card payments.

Falcon Finance also plans to expand payment functions, including USDf-linked card integrations, through the partnership.

Artem Tolkachev, Falcon Finance’s chief real-world asset officer (CRWAO), said there has been strong corporate demand to earn yields on-chain while making real-world payments in euros or pounds, adding that the integration enables both DeFi yields and real-world payments at the same time.