TL;DR
Falcon Finance integrated USDf, its overcollateralized synthetic dollar, into Altery’s regulated payment infrastructure through a partnership with Synterra Connect. This setup enables the direct conversion of USDf into fiat currency and access to regulated banking services in GBP, EUR, and USD, without giving up onchain asset management.
The operational flow starts with the transfer of USDf to an address managed by Synterra Connect. Once the conversion is completed, the fiat balance is credited to an Altery account in the user’s name. From that account, funds can be moved through SEPA transfers, international payments via SWIFT, local transfers, and card-linked products. The system also allows funds to be sent directly to bank cards, expanding the immediate use options for the converted capital.
The integration targets crypto treasuries and trading desks that operate yield-bearing onchain positions. Under this setup, a company can hold USDf in vaults such as sUSDf while simultaneously accessing fiat liquidity to cover supplier payments, salaries, and operating expenses. The mechanism removes the need to fully unwind onchain positions to meet obligations in traditional currencies.
The regulatory structure maintains a clear separation between components. Altery Ltd operates as an Electronic Money Institution authorized by the United Kingdom’s Financial Conduct Authority, under registration FRN 901037. Client fiat funds are protected in line with FCA requirements. Crypto-to-fiat conversion is handled by Synterra Connect, an entity registered in Canada as a Money Services Business with FINTRAC. Falcon Finance and USDf remain outside the regulated perimeter of fiat payment services, keeping the issuance and management of the synthetic dollar within the onchain ecosystem.
USDf functions as a synthetic dollar backed by an overcollateralized structure. Reserves include a mix of digital assets and tokenized real-world assets, including BTC, ETH, SOL, and tokenized government bonds. The value of reserves exceeds the circulating supply, with stability maintained through active reserve management and delta-neutral strategies.
The integration marks the first stage of a broader collaboration between Falcon Finance, Altery, and Synterra Connect that will continue to expand. The three entities are evaluating the addition of new features, including further card-linked products and payment services tailored to specific jurisdictions
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