Our Chief RWA Officer @ArtemTolkachev spoke at EBC12 in Barcelona about vaults as the next infrastructure layer for onchain asset management. From the collateral side, almost anything can be tokenized. The questions are whether it can actually function as collateral: → Liquidity: how quickly can the asset turn into cash under stress? → Composability: where can the token actually be used onchain? RWAs also come with their own risk stack: legal claims, redemption terms, offchain custody, and underlying markets that close. That means underwriting them as credit and reading the documents, not just the deck. Onchain markets run 24/7/365, but the underlying markets often don’t. For a growing set of tokenized assets, T+0 liquidity already exists through different layers, and we expect more solutions to emerge as the market develops.

What happens when a national stablecoin becomes collateral? Kyrgyzstan’s state-backed som stablecoin, @KGSToken $KGST, can now be used to mint $USDf through Classic Mint. It connects local-currency value to dollar-denominated onchain liquidity, bringing KGST into the wider global onchain economy.

Since Falcon Finance launched, we’ve kept building and shipping, giving users more ways to put their assets to work. Here’s how our product suite has expanded just this year: → fUSD: A regulated digital dollar for institutional treasury, settlement, and collateral use. Issued by @Anchorage Digital, the first federally chartered crypto bank, and supported by @CeffuGlobal’s custody infrastructure, fUSD gives qualifying institutions access to a separate Falcon rewards program targeting approximately 3% annually. Details here: → RWA issuance in El Salvador: Our regulated tokenization pipeline starts with financing GPU delivery. The first asset, a tokenized GPU forward, is still being structured, with @near_ai as the anchor buyer of the compute those GPUs will produce. It is designed for secondary trading and could later qualify as collateral to mint USDf once sufficient trading volume and market depth are established. Find out more: → Falcon Card: A way to turn USDf, our overcollateralized synthetic dollar, into everyday spending. Eligible, verified users in 90+ supported jurisdictions can fund their card with USDf, converted to USD at 1:1, and pay online or in-store. No annual subscription fee. How to get your card: From USDf and yield to institutional dollars, everyday payments, and tokenization, we’re steadily expanding what Falcon can do.

Compute financing has become one of the fastest-growing categories in asset-backed credit, and almost all of it is arranged through private syndicates. A lender who wants out before maturity has very few options. We opened a regulated pipeline for tokenized real-world asset issuance in El Salvador. The first issuance, currently in structuring, is a tokenized GPU forward that finances compute infrastructure. @near_ai provides anchor demand for the compute the hardware will produce and acts as a technology partner. The equipment is contracted and the price is fixed through October, so the issuance funds delivery. The framework brings together regulated issuance, open secondary trading, and onchain collateralization: → The asset will be issued through NOTA S.A.S. de C.V. (PSAD-0088), licensed under El Salvador's Digital Assets Issuance Law, the same regime under which Tether Gold is issued. → It's designed to trade on permissionless venues including Uniswap. → Once it demonstrates sufficient trading volume and depth, it will be eligible to be accepted as collateral to mint USDf on Falcon Finance.

We took Falcon Card out for a little day trip! Matcha cafe, vending machine, convenience store... just tap your phone. If you’ve been using Falcon Card too, we’d love to see it! :)

Falcon Card is live. Collateral → USDf → real-world payment. Mint USDf with eligible collateral or get it through supported markets, then load it onto your Falcon Card for everyday spending. The stack is complete. Get it here:

Introducing fUSD, a GENIUS-ready stablecoin with a rewards structure. There’s currently ~$320B in stablecoins in circulation. The reserves backing them may earn billions in yield each year, but most of that income flows to issuers, not the desks holding the tokens. fUSD is designed to change that. With @Anchorage as the federally regulated issuer, fUSD is built for the GENIUS framework, offering a stable, transparent medium for high-value settlement. Qualifying institutional holders get access to rewards targeting ~3%/yr. Falcon is putting its own balance sheet in from day one.