Falcon Finance

What happens when a national stablecoin becomes collateral?

Kyrgyzstan’s state-backed som stablecoin, $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 Ceffu’s custody infrastructure, fUSD gives qualifying institutions access to a separate Falcon rewards program targeting approximately 3% annually.

Details here: https://falcon.finance/news/falcon-finance-and-anchorage-digital-bank-launch-fusd-a-genius-ready-stablecoin-with-rewards-on-ceffu

→ 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: https://falcon.finance/news/falcon-finance-opens-regulated-tokenization-pipeline-in-el-salvador-led-by-gpu-financing

→ 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: https://falcon.finance/news/from-tokenized-assets-to-everyday-spending-introducing-falcon-card

From USDf and yield to institutional dollars, everyday payments, and tokenization, we’re steadily expanding what Falcon can do.

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 Ceffu’s custody infrastructure, fUSD gives qualifying institutions access to a separate Falcon rewards program targeting approximately 3% annually.

Details here: https://falcon.finance/news/falcon-finance-and-anchorage-digital-bank-launch-fusd-a-genius-ready-stablecoin-with-rewards-on-ceffu

→ 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: https://falcon.finance/news/falcon-finance-opens-regulated-tokenization-pipeline-in-el-salvador-led-by-gpu-financing

→ 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: https://falcon.finance/news/from-tokenized-assets-to-everyday-spending-introducing-falcon-card

From USDf and yield to institutional dollars, everyday payments, and tokenization, we’re steadily expanding what Falcon can do.

We're getting really close to $40 billion and beyond.

Treasuries, gold, tokenized stocks, and investment-grade credit in this stack can already be posted on Falcon to mint USDf. Falcon Card spends that dollar. The El Salvador pipeline is how more of the credit layers get the same path.

If you want to understand how fast RWAs are moving, look at the holder count.

30 days ago:
1.1M addresses holding tokenized stocks

Today:
2.8M

That’s a 2.6x in a month.

"Demand was never the missing piece, perps proved the product offshore years ago. What changed is the legal wrapper."

Our Chief RWA Officer Artem Tolkachev in Forbes, on perps moving onshore.

Read more here 👉 https://www.forbes.com/sites/digital-assets/2026/08/27/how-perpetual-futures-could-make-more-assets-tradable/

Messari tracked 41 token sales in late March.

We ran the numbers again, and 6 are still in the green.

$FF now ranks #1 with a 98% ROI.

Distributed RWAs just printed another all-time high: $38.4B.

US Treasuries still lead at $16.15B. Tokenized credit is second at $7.36B once you add asset-backed, specialty finance, corporate, and diversified. It's easy to miss because they're separated into four categories in this chart.

That credit book is the market we just opened a regulated issuance path for in El Salvador. The first issuance, currently in structuring, is a tokenized GPU forward to finance compute infrastructure.

Private markets still run on slow rails, but tokenization isn’t a simple mint button.

At Falcon Finance, it’s a path from due diligence to a tokenized asset that holders can trade, and if eligible, use as collateral to mint USDf:

• Submit + review
• Legal structuring
• Issue + list
• Meet liquidity + pricing criteria → may be accepted as collateral to mint USDf

Interested in tokenizing an asset with Falcon?

Explore the full process and submit an asset for review:
https://tokenize.falcon.finance/

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 financing compute infrastructure. NEAR AI is the anchor buyer of the compute the hardware will produce. Supply is already contracted and priced with the manufacturer. 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.

Most issuers do not want tokenization. They want liquidity, composability, and capital they can actually use.

If you're an issuer, submit an asset for consideration: https://tokenize.falcon.finance

Most tokenization stories end at issuance.

A usable onchain asset still needs:

• regulated mint & redemption
• a secondary market
• a path to becoming eligible collateral

This week, we are showing how those pieces can connect.

More tomorrow.

Tokenize everything, then what?

📂 UTILITY
┃
┣ 📂 collateral
┣ 📂 yield
┣ 📂 pay
┃
┗ ⚙️ FLYWHEEL ↺
┣ use
┣ demand
┗ liquidity

Goldman’s baseline puts AI compute capex at ~$5.1T from 2026 through 2031.

And NVIDIA just signed MOUs with Apollo, BlackRock, Blackstone, Brookfield, Goldman and KKR to develop financing platforms targeting $500B+ in third-party capital.

Goldman even wants to create a credit…

Compute is becoming an investable asset class, but many compute-backed contracts still lack a liquid secondary market or a clear path to being used as collateral.

We know that closing this gap could unlock the market’s next phase.

BIG week ahead.

Interesting fact:

of ~$390B in stablecoin payments a year, only ~1% ($4.5B) is cards.

The rest is mostly B2B, remittances, treasury.

Everyday spend is still the outer ring.

We're early.

Get it here 👉 https://app.falcon.finance/card

Something we keep coming back to with yield-bearing stablecoins and synthetic dollars:

It’s a two-engine market now, roughly half of what’s tracked is Treasury/RWA-backed, and the other half is DeFi-native.

Falcon works across both.

You can mint USDf on eligible crypto and tokenized RWA, and stake into sUSDf for protocol yield generated from market strategies on top of a multi-asset reserve base.

Explore more about USDf at 👉 https://falcon.finance

There’s about $37B in tokenized RWAs now, which is very impressive.

Most of that value still looks more like inventory than liquidity though. We’ve said this a lot: putting an asset onchain was never the hard part, making it useful is.

Eligible RWAs on Falcon can mint USDf, so the underlying asset can be productive.

Explore more about USDf at 👉 https://falcon.finance

Falcon card 💳

onchain liquidity, irl spending :)

Stablecoin flow used to be Ethereum + Tron, but not anymore.

Now Eth + Tron + Base + Solana clear ~93% of global flow.

Current 30d transfer volume:
• Ethereum: $417B
• Tron: $341B
• Base: $325B
• Solana: $280B

The structural shift is obvious:

H1 2024 → Eth + Tron ran 82% of transfers
H1 2026 → 55%. Base + Solana went from 4% to 37%

Base is up ~8× YoY on the same 30d window and in early July it briefly led every chain on volume.

Question: which chain do you mainly use for onchain stablecoin transfers?

Comment your answer here 👉 https://x.com/falconfinance/status/2080638886993400065