FalconX

It has a very low inflation rate.

And it's now integrated into prime broker front ends like FalconX.

So this is just, I think, the next vertical as we get real world asset tokenization.

Yeah, perps are obviously blowing up.

Number three, I was basically looking at figuring out what's next in my life.

I had taken a step back from my operating role at FalconX then.

I was trying to figure out whether I should be a VC, whether I should go back to being an operator.

And just out of curiosity, I started building various layers of the signing and met every single company in the space.

Amazing.

All right.

So you have experience as an operator at FalconX.

You have experience as a venture capitalist at Excel.

It also, they're doing, they're backing more of the USD with, essentially on-chain treasuries with Biddle, also doing something with JAAA, which is Janus Henderson's sort of CLO tokenized product as well.

And then they're doing now some like collateralized, over collateralized lending with, I started with FalconX and I'm sure we'll be doing others.

And so they've been kind of increasing the ways of which people use USD and the backing of USD to try to be like less crypto native and to kind of take advantage of all types of market cycles as well.

And then the thing that they've been working on for a long period of time, which they announced earlier this week, Athena Pay.

Athena's backing model continues to rely on returns from the assets supporting USDE.

In August, Athena and FalconX opened a $1 billion facility that allows part of USDE's backing portfolio to finance secured, over-collateralized institutional loans.

Institutional lending accounted for roughly $310 million, approximately 6.9% of USDE's backing in early July.

Other reported exposures include approximately $2 billion in DeFi lending, about $1.2 billion in liquid stablecoins, and tokenized assets.

There are a couple of different partners that are prime brokers that don't really have capacity limits that we could work with.

You got FalconX, you got Ripple Prime, you got ClearStreet, and there's a few others also out there that are prime brokers.

Um, they have a large enough balance sheet that we should be able to work or coordinate across those in order to be able to put together more of a yield bearing product, like you're talking about that is cash bearing on a monthly basis.

Um, and very low risk, you know, almost no risk.

Also, very like secured lending.

I think they announced that they did this a billion dollar deal with FalconX to do secured lending.

They also are working with Janus Henderson.

They're working with BlackRock on a number of, call it slightly higher yielding collateral.

My guest is the co-founder and CEO of Unvault, an AI-powered financial platform launched in late 2025 that helps users value, track, and sell personal gold jewelry.

With a background in finance and strategies from Wharton, McKinsey, and FalconX, she aims to turn personal jewelry into a liquid modern asset class.

Please welcome to Money Making Conversations Master Class, she's a repeat guest, Nidhi Singhvi.

How you doing, Nidhi?

Um, and we service traditionally institutional LPs, uh, family offices, private banks, uh, fund of funds.

Um, and then lastly, we are part of FalconX.

Uh, so FalconX owns the majority of the fund.

Um, and, uh, yeah.

Okay, awesome.