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Anchorage Digital, the only federally chartered crypto bank in the United States, has partnered with Frgmnt to bring the startup’s fUSD stablecoin inside its institutional custody platform. Eligible clients can now hold, mint, redeem, and stake fUSD without touching a separate wallet infrastructure.
The integration was announced on September 11, 2026, and represents one of the more concrete examples of a regulated bank wrapping DeFi yield mechanics inside a compliance-friendly shell.
What fUSD actually does
fUSD is minted on a 1:1 basis against USDC, so the peg math is straightforward. The more interesting part is what happens to the collateral: Frgmnt deploys it to on-chain lending markets including Aave and Morpho, two of the more battle-tested protocols in decentralized lending.
Stakers get access to sfUSD, the yield-bearing version of the token, which passes along rewards from those lending markets net of a 20% performance fee kept by the protocol.
fUSD launched on Base, Coinbase’s layer-2 network, around March 27, 2026, and has undergone a CertiK audit. Frgmnt manages deposit inflows through capped waves rather than leaving the protocol open-ended, a design choice meant to keep collateralization ratios visible and verifiable at every stage.
As of mid-2026, total value locked in Frgmnt sits at roughly $98,000. The next deposit wave was scheduled to open in September 2026.
Why Anchorage is the right venue for this
Anchorage’s federal charter from the Office of the Comptroller of the Currency gives it a regulatory standing that most crypto custodians cannot claim. The bank already supports minting and redemption functionality for multiple stablecoins across its platform. Adding fUSD extends that capability to a yield-bearing instrument.
Aurélien Roussel, CEO and co-founder of Frgmnt, framed the rationale plainly.
“Institutions need to access onchain financial products through infrastructure that meets their operational and custody requirements,” Roussel said.
Frgmnt’s wave-based deposit structure adds another layer of institutional comfort. Rather than an open-ended pool where TVL can balloon unpredictably, capped waves mean the protocol’s collateral and yield mechanics can be stress-tested at each size increment before the next tranche opens.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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