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

Here’s the full list of countries currently supported by Falcon Card.
👉 https://x.com/falconfinance/status/2079476521283260549

We’re working to make Falcon Card available in more countries. Where would you like to see support added next? 🙂

Here’s an important shift few have noticed:

Yield-bearing stablecoins are no longer dominated by a single model. Tracked TVL is now split almost evenly between Treasury/RWA-backed products at 47% and DeFi-native yield products at 46%.

The market has quietly become a two-engine system.

A similar convergence is emerging on the collateral side too. Falcon enables eligible crypto assets and tokenized RWAs to mint the same onchain dollar (USDf), with an option to stake for yield.

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

23x in 3 years. Onchain RWAs went from $1.5B in July 2023 to a $34.3B all-time high this week 🔥

What's driving the growth in the last 30 days:

· Treasuries +3%, roughly $450M added, still 45% of the market
· Stocks +17.6%
· Private equity +16.9%
· Active strategies +11.7%

The future of finance is onchain.

Q3 2026 will be exciting 🫡

RWA growth is becoming distinctly multi-chain.

Ethereum still leads with 47.9% of distributed RWA value, but remained almost flat over the past 30 days.

Meanwhile:

• Avalanche +26.9%
• Solana +20.9%
• Arbitrum +8.5%
• Stellar +7.7%
• BNB Chain +6.2%

Together, these 5 ecosystems now hold 37.2% of the market.

The next phase of tokenization may be more about each ecosystem finding the assets and distribution channels it is best suited to serve.

RWAs just hit a new ATH at $33.5B, adding $1.52B over the past month.

The interesting part is where the growth came from:

Tokenized stocks: +$682M
Corporate credit: +$450M

Private equity, active strategies, and credit products also moved higher.

For years, RWAs were mostly “Treasuries onchain.” Now the market is starting to look more like capital markets moving onchain: equities, credit, structured products, and collateral-ready assets.

The next phase of RWA growth will go beyond issuing tokens and will be won by assets that can circulate, settle, collateralize, and be productive.

Data source: RWA.xyz

Yield is a feature you rent. Collateral acceptance is a moat.

As yield-bearing stablecoins race toward a projected $50B+ market, our Chief RWA Officer - Artem Tolkachev, breaks down why the industry may be optimizing for the wrong metric:

https://www.coindesk.com/opinion/2026/07/05/collateral-not-yield-will-decide-which-stablecoins-win

Last week, Securitize made its NYSE debut and brought SECZ onchain, with tokenized access on Avalanche and Solana.

The UK FCA finalized its cryptoasset framework, lowering proposed stablecoin issuer capital requirements from 2% to 1% ahead of its October 2027 regime.

The next phase of onchain finance is about regulated access, credible market infrastructure, and assets that can move beyond passive exposure.

For Falcon, that is the bigger shift: tokenized assets are becoming usable financial primitives, but they still need infrastructure that can turn them into productive collateral.

"Putting an asset onchain means nothing by itself."

Our Chief RWA Officer Artem Tolkachev on Stablesash Live: tokenization is the back-end engine, collateralization is the product.

Watch the episode, Artem’s segment starts at 34:25: https://x.com/i/broadcasts/1NxarrvMEQEKj

If you prefer a quick recap, here it is: https://falcon.finance/news/why-tokenized-rwas-must-work-as-collateral-artem-tolkachev-on-stabledash-live